Despite saying that other members of their generation are bad at saving and overspend when compared with other generations, millennials are not very worried about having enough money to pay their debts, according to a survey released by Bank of America.
The number of millennials with at least $15,000 in the bank has grown by 50% in the past two years, according to the survey. Back in 2015, only 33% had saved $15,000. Today, that number is at 47%. The number of millennials with at least $100,000 in savings has doubled, to 16% during the same timeframe.
The top financial stress point for millennials is not saving enough, followed by their career path, and then not planning or saving for retirement. Student loans and credit card debt were among the lowest-ranked stress points, along with losing a job, and not having enough money to invest.
Interesting enough, nearly 20% of those surveyed said they do not know how much their spouse or partner makes and 28% say they keep their finances separate from each other. Only 11% of members of Generation X and 13% of Baby Boomers keep their finances separate.
Despite keeping their finances separate, finance is the greatest tension point in millennial households, topping chores.
