According to a survey conducted by Bank of America of people ages 23-37 (millennials) 1 in 6 of them have 100,000 dollars or more in savings. Now, considering the general knowledge of millennials is that most of us are broke, hungry, living with our parents and strapped with crippling student loan debt for overall useless college degrees, this information is a real surprise. However, this article using much of the same research, by the same website in the same month, concluded that most millennials don't have anything at all in savings. What gives?
Of course, the catch in the "1 in 6" stat is that Bank of America only investigated people who had long term savings accounts with them. Already, we're starting with people who opened a savings account which assumes they have money to put in that account. There's a strong chance that parents opened these accounts under their adult child's name, or that inheritances or trust funds were moved into them and this all muddies the waters of this statistic.