Most Millennials Have Less Than $1,000 In Savings, Live Paycheck-to-Paycheck

Tyler Durden's picture

The majority of millennials are living paycheck to paycheck.

A recent survey of millennials by HowMuch.net found that 51.8% of those aged 18-34 have less than $1,000 held between bank accounts and cash savings.

As Visual Capitalist's Jeff Desjardins notes, this echoes previous data we’ve seen – not just on millennials, but Americans in general. For example, we know that 14% of Americans have “negative” wealth. We also know that 62% of Americans don’t have emergency savings that could cover a $1,000 hospital visit or a $500 car repair.

Taking that into consideration, let’s dive deeper into this more recent millennial data...

Courtesy of: Visual Capitalist

 

YOUNGER VS. OLDER MILLENNIALS

The broad survey data can be further divided into “younger” and “older” millennial segments: those aged 18-24, vs. those between 25-34.

Based on the survey question, an intuitive expectation would be that younger millennials are much more likely to have less than $1,000 in savings. After all, many of the people in this group would still be in school, and many are struggling withstudent debt.

However, the difference is far less than one may expect. While it is true that 57.6% of the younger demographic has less than $1,000 in savings, the older group is not much better off with almost half (47.1%) of them being in the same boat. This shows that many millennials in their late 20s and early 30s are still not able to generate substantial savings.

MALE VS. FEMALE MILLENNIALS

There is also a significant divide between male and female millennials here, with 56.7% of females having less than $1,000 in savings. Compare this number to the male percentage of 46.5%, and it is clear there is a substantial divide between genders.

Lastly, males are also more likely to have a substantial amount stored away in their bank account. According to the survey, 21.5% of males have more than $20,000 of savings, while only 11.9% females can say the same.

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Captain Benny's picture

Damn.  I'm under $2000 ... But that's cause I don't trust banks.

chunga's picture

All the old fogies with their snowflake jokes must be in bed already.

leanux's picture
leanux (not verified) chunga Aug 24, 2016 10:44 PM

Too bad America is NEVER getting better. http://wp.me/p4OZ4v-3z

chunga's picture

You spammers with your obscured links are lame.

The_Juggernaut's picture

Wow.  What a bunch of fucking losers.  I'm sure it's somebody else's fault, too.

cheka's picture

add the gov transfer payment annuities and reality emerges

sec 8, food stamps, free hcare, free phone, utilities, internet, etc, etc, etc

for an individual to purchase a plan that covers all that.....hundreds of thousands of dollars

example - to buy an annuity that pays 500 bucks a month for 20 or 30 years = $100,000

add all of the lifetime gov annuities and you arrive at a LARGE number

crackqueen sec 8 annuity 150,000, food annuity 100,000, hcare annuity 150,000, util plus internet annuity 70,000....and more. a lot of the millens are actually collecting 500k plus of annuity equivalent

article is horsesh-t

tmosley's picture

Yes, it is each and every single person under 34's fault that the central bank has redistributed purchasing power away from productive capital (the source of their salaries) and into assets (things older people own).

You should be put in an oven, along with Bernanke and his ilk.

divingengineer's picture

These are the same stupid fucks that will go out and vote for Killary or Hairpiece and expect them to make it all better. 

Old ideas: bomb, tax, legislate, enforce our way out of this mess.

New ideas: legalize weed, micro dose psychedelics, limit carbon, eliminate white privilege.

 

News flash! You are all dumber than fuck! Kill yourself!

Just leave me alone. 

 

tom stamps's picture

Trump is better than Clinton!

rejected's picture

No,,, Some of us are at work!

Captain Benny's picture

Busy at work being productive.  Doing the workload of two snowflake millennials.

No wonder they're pissed they can't find jobs... They're broke and can't get paid like skilled labor if they do find one.

I am millennial and think my generation realizes they're fucked.  This shit is going to burn on the next economic down turn.  I make good money and won't date women that aren't completely financially stable by herself. Pretty much every single girl I know has a kid or two and works a service industry job.  This is why they average less savings than guys.  Kids are expensive.  Service industries pay crap.

LadiesLoveCoolJames's picture

Fucking nerd! Go get yourself some goddamn pussy you little bitch. The world could end tomorrow.

847328_3527's picture

Many millenials are, indeed, lazy and/or pretty stupid. But lets not forget the economy for 90% of America is in a deep recession or depression.

 

Energy sector, retail, even restaurants are going bankrupt by the hundreds. So even if you are a top STEM grad, it's pretty tough landing a job. Add the immigrant competition flooding into the country because of Globalism and times are extremely hard for most Americans.

The Gun Is Good's picture

Right on. Thanks for the insights. Yeah, WTF ever happened to birth control / protected sex? When did it become nothing less than fashionable to be a single mom and have a baby daddy (or baby daddies) running around? Utterly perplexing....

rbgnr111's picture

good for you!

I like your plan... I'll add, a lot of them are self obsorbed and want everything to be just given to them. 

good luck on the women... I had to go outside the US to find what your looking for in women.... 

Chris Dakota's picture
Chris Dakota (not verified) Captain Benny Aug 24, 2016 10:12 PM

So did we. When they are cut off they will learn the rainy day lesson, not until.

Killdo's picture

not so long ago any grad in London, Paris, LA, SF could afford to by a nice place in a good area. I bought 3 . Thanks to banksters and their useful idiots this is what we have now. And of course thanks to fearful and submissive  sheeple

The central planners's picture

Why you would want to "save" in extremely dilutted paper currency? Those 20,000 will be 2,000 for 2020 if your lucky and dont get bailed in.

Government needs you to pay taxes's picture

What about that MyRa balance?

Yen Cross's picture

  They have those HELOC Ninja lines of credit.  </sarc>

 

 Ya gotta love indentured servitude,, AKA fractional reserve lending, with privately owned central banking.

  It's one thing to be intelligent, and another to take advantage of a system and [game it] 

 Central Bankers are just paid shills that have ZERO understanding of finance.

hxc's picture

Last sentence = +100. Anyone with a good understanding of macro knows central banking is fucking retarded... which leaves a third of economists, which are directly employed by the EVIL fed.

Lore's picture

Well put. Some of these officials and talking heads seem so earnest with their programmatic pap that I think they must have learned the material "by rote," like religious fundamentalists or technocrats or politicians who parrot some simplistic narrative without ever stopping and thinking about the underlying (often flawed) premises, assumptions, sources and ramifications, much less alternatives!

I spoke recently with a postgraduate Econ major -- summa cum laude -- who did not want to talk about current macroeconomic events and monetary policy.  "I just wanted the degree.  It's not something that interests me."  She said that with a straight face! 

Dirtnapper's picture

I'm the opposite, I think the Banksters know exactly what they are doing and will plead incompetence when they throw the switch and bring all this down.  Then they will offer us the "only solution" out of our hell putting these Master Minds in complete control of the world's economy.

 

uhland62's picture

Wasn't that the plan? Worried poor people make for an obedient population. Middle class people are a hassle because they bother the government with ideas for improvements. 

aurum4040's picture

It is the plan. So is keeping middle class wages stagnant at best. 401ks and pensions on a string. Quasi slavery and government dependency for all. In reality, we just have to realize it, live by it, and try to enjoy life. 

hxc's picture

That or hope for the inevitable crash, buy fizz, and get triple inverses right as the bottom begins to fall out.

aurum4040's picture

Thats part of what i mean by live by it. :)

Condition 1SQ's picture

It is the new slavery, isn't it wonderful?

SimpleJackBlack's picture
SimpleJackBlack (not verified) Aug 24, 2016 10:31 PM

What about the percent with over 20k? Wish I had that much saved. Why did I have kids again? Expensive minions.

hxc's picture

Millenial with kids? You fucked up. About as smart as investing in the dollar. I'm waiting for the next crash to clean itself up... gives me about ten or fifteen years before I decide to get married and have kids... and i'm 25. Might have shitty sperm by then but better than a shitty life for my wife, children, and myself, hands down.

Not a millenial? Meh... still not the best idea these days. Then again, I am biased, being the oldest of five.

Zoomorph's picture

Right... why would we bother having kids when there are plenty of immigrants who will be happy to come over and take over? Might as well just enjoy our lives and blow it all and leave nothing behind, right...?

Condition 1SQ's picture

You fucking fool.  Your only contribution to society is copying your genes?  Fucking nonsense.  I'm glad Tesla never had kids.  He'd be as unremarkable as you are.

Lore's picture

You touch an interesting if disturbing point.  We are not animals.  Unconditional reproduction is not our primary mandate.  We have a responsibility individually and collectively to reproduce when conditions are ideal, but only then, and the definition of ideal conditions needs to be defined carefully and prudently.  The most advanced populations right now are dwindling for various reasons, but most important IMO is that smart elites see big trouble ahead and mean to spare their own children misery. 

I suspect that George Soros and his pathocratic but forward-thinking ilk are pumping human garbage mainly into Europe because the multi-faceted hell that Europe faces in the years ahead will land squarely in the laps of those people, and many are going to die.  I suspect that the elites intend to be far away for some time, protecting their limited population for a future when they can return to pick up the pieces.  Specifics may be lacking, but doesn't the gist seem increasingly clear? 

wizteknet's picture

Saved for child support & alimony u mean...

SgtShaftoe's picture

Older people have more accumulated resources (from the halcyon days) hence more assets to wiggle by.  I know, I remember having to buy every damn thing, from shop tools to office supplies.  Those things have also gotten far worse in quality over the years.   Go try to buy a new fully steel swingline stapler.  Go try to buy a nice delta drill press.  It's all plastic garbage.   Young people have to buy everything new or used.  They make less money and the money they earn doesn't go nearly as far.  Is it any surprise? 

Before you old fuckers start chiming off with "I used to walk to school with my bicycle over my head, 12 miles, uphill both ways through 3 feet of snow and I shoveled a hundred driveways for $5 total on the way..."  No you didn't and you had a functional albiet crippled currency when you were growing up.  It's not the same at all.  It wasn't the same as when I was growing up, which sucked, and the new generation has it a helluva lot worse than I did.   

Be nice.  You are likely going to be depending on those young people for the rest of your lives in one way or another.  Don't get too cheeky.  You have everything to lose and nothing to gain by offending them. 

chunga's picture

That's funny, I keep a running list of manufacturers I boycott and it's big. They have board meetings to figure out the absolute flimsiest way to make shit, then make it even flimsier. Often there is a moar robust effort on the anti-theft package and, of course, financing.

cheka's picture

nailed it.  i like to say 'it looks like a xxxxx'

that's all they care about - will it pass for xxxxx in the store?

Yen Cross's picture

  We might of had to walk 12 miles each direction to get to school, but at least we could buy a couple dozen pieces of hard candy[for fifty cents], and go fishing , while not worrying about the local Sheriff giving us shit, while he was looking for the local pedofile, or rapefugee.

 The Kenyan in charge, is a disgrace to all that makes America what it once was.

 

SgtShaftoe's picture

agreed. I used to swim in farm runoff ponds and only ended up with 3 extra appendages and a twitch.

 

HedgeJunkie's picture

I rode a bus twenty miles to school.  THEN walked five miles to the Junior College for night classes, THEN walked/hitch-hiked twenty five miles back in the middle of the night through the Mohave Desert. (This is actually true.)

My Grandparents had it tougher.  They didn't have a fuckin' bus.

Déjà view's picture

Without a cell phone...only a lonely phone booth surrounded by miles & miles of desert.

http://99percentinvisible.org/episode/mojave-phone-booth/

HedgeJunkie's picture

Cell phones were Star Trek fantasies back then.

We ahd a pay phoine in town that you'd click six times, dial a number, then yell into the receiver that you were in town.  Hopefuly your parents would understand.

I lived no tech.  Hard as it is to believe today,

A fuckin' cell phone, to me, is like some sort of future techdropped on us.  I have a Tali-phone, a flip-up with prepaid minutes.  Just having this in my possession makes me more alert than any Apollo astronaut.

To me, that's amazing all on it's own.

I now have a phone that can make a phone call to pretty much anywhere in the world any time I want to. 

It blows my mind after the flight to hell that left me stranded in Shitcago; calling my wife, collect, at her mom's house...operator comes on and I explain that I needed to get a message to my wife that I'd be coming in at 3 am at a different airport.

Operator says 'Sure thing, I'll walk over on my break and tell her mom.  What the hell are you doing in Chicago?"

Chicago Operator:  "You two know each other?!"

Tittie Terry and I had spent several hours finding brain matter and shoving it back into the head of a seven year old the week before.  We were as intimate as husband and wife, and remain, non-sexually so.  Thirty or so years later, I'd still recognize her voice.  And she, mine.

The two of us did some really, horrible stuff as volunteers for the all volunteer county amublance squad, not one under our watch died. 

Though, alone, I had a baby die in my arms six times, and I felt death sit next to me (baby is now about 35, and has four kids)

Or the kid that invited a tourist friend to his home, then showed his 410 to him..,I'm there trying to seal the leaks and holes in his neck as he pleads with me to save his life. 

I watched this kid die; I held his hand and talked to him as he died.  He wanted to let his parents to know that he was sorry.

I'm still haunted by it, and that's why I'm posting this.

shovelhead's picture

That's why all the old codgers in the movies had a mule.

Don't live in the desert without a mule.

VarenneRiver's picture

I wish I could upvote this 1000 times. I'm a millenial and I have said so many times...the majority of us are ready to start believing in hard work and the Constitution again. We aren't the loudest...but we are out there.

So all you old bastards need to stop looking down from your asset rich high life and give us a hand up Gran Torino style. It's the American way and the biological way.

Not asking for handouts. Just show kids how to use tools...let them borrow them in exchange for cheap or free labor, etc. Either that or sit back and watch it all burn.

cheka's picture

join the alt-right or continue getting bled out

Condition 1SQ's picture

.. and that's precisely the problem .. handouts.  It's rare that you'll find millenials (I'm one of them) who will vote for someone to turn off the free shit spigot.

HedgeJunkie's picture

I'm there for ya, kid.  I've still got another forty tons of waste to pan before I get to ya.

cheech_wizard's picture

>Before you old fuckers start chiming off with "I used to walk to school with my bicycle over my head, 12 miles, uphill both ways through 3 feet of snow and I shoveled a hundred driveways for $5 total on the way..."

You had legs?

Standard Disclaimer: https://www.youtube.com/watch?v=Xe1a1wHxTyo