I Surveyed 5 Millennials to See How Much Savings They Have — This Is What They Said
Nearly one in four millennials has at least $100,000 in their savings account — an increase from 16 percent in 2018 and 8 percent in 2015, according to a 2020 Bank of America report. Millennials are those born between 1981 and 1996 and are the largest living generation in the U.S. Those between the ages of 26 and 41 have lived through a lot: 9/11, the Global Financial Crisis of 2007-2008, and now, the pandemic. Compared to previous generations, this has made millennials better at saving and planning for the future, according to a 2022 study by Trust & Will.
But it’s not all positive for this generation. With the cost of living continuing to increase rapidly, so has the amount of debt people carry. Seventy-six percent are carrying debt, with the average millennial owing $28,317 excluding mortgages, finds the 2021 Experian’s State of Credit Report.
To find out more about the current state of personal savings and debt, I asked five millennials from around the world a series of questions about their work lives and finances. The average amount of savings from these survey responses comes out to $56,000. However, other participants (not shared below), had as low as $2,000 in the bank. Out of all those I spoke with, $100,000 was the highest amount of savings.
While their ages, genders, and industries varied, one thought-provoking commonality was their answer to this question: “What do you wish you’d known sooner when it comes to finances?” Nearly all participants spoke along the line of investing. “I wish I knew how to invest and the different options there are for young adults,” shared 31-year-old publicist Mercy Atmos. And she’s not alone, with only 37 percent of high-income millennials (those earning above $132,000) feeling confident about investing and planning for retirement, according to a 2019 Investopedia survey.
*All names have been changed for privacy.
1. Andrew Strack, 28 | Sydney, Australia
Savings: $100,000
Industry/Role: Television/Media
Annual Salary: $115,000
Years in the Workforce: 13
What do you wish you’d known sooner when it comes to finances?
I wish I’d known how to invest my money into stocks, shares, etc.
What got you to your level of savings?
I have continued living at home with my family. I also didn’t go to university; rather, I have worked full-time for the past 15 years, which has helped a lot.
Do you have any debt?
No.
2. Stephanie Choi, 29 | Seoul, South Korea
Savings: $30,000
Industry/Role: Education
Annual Salary: $40,000
Years in the Workforce: 4
What do you wish you’d known sooner when it comes to finances?
I wish I had learned how to invest rather than just putting my money into my savings account.
What got you to your level of savings?
I’ve tried to save half my salary as often as possible.
Do you have any debt?
No.
3. Tom Herrold, 33 | Brisbane, Australia
Savings: $100,000
Industry/Role: Business owner in the marketing industry
Annual Salary: $130,000
Years in the Workforce: 13
What do you wish you’d known sooner when it comes to finances?
I wish I’d known to pay off my student loans (called HECS in Australia), as soon as possible so it doesn’t continue to impact my tax more substantially as my salary increases.
Note: In Australia, you are able to get a HECS-HELP loan to pay for your higher education like university. Once you join the workforce and start earning over the HECs threshold of $48,361, your employee withholds the amount from your wage and that is automatically paid back to the government. The more you earn, the more you owe.
What got you to your level of savings?
I received a family inheritance and saved hard throughout COVID-19 when I wasn’t spending money on entertainment.
Do you have any debt?
I have credit card debt of $6,000 and $18,000 worth of student loans left to repay.
4. Ellie Bartel, 26 | Vancouver, Canada
Savings: $20,000
Industry/Role: Human Resources
Annual Salary: $65,000
Years in the Workforce: 14
What do you wish you’d known sooner when it comes to finances?
How to build interest.
What got you to your level of savings?
I still live at home with my parents to save money on rent.
Do you have any debt?
I have two college debts, a $30,000 loan, and I also owe $40,000 to my family.
5. Mercy Atmos, 31 | Los Angeles, USA
Savings: $30,000
Industry/Role: Publicist
Annual Salary: $82,000
Years in the Workforce: 10
What do you wish you’d known sooner when it comes to finances?
I wish I knew how to invest and the different options there are for young adults.
What got you to your level of savings?
I was lucky enough to have parental help. I also had zero student loans upon graduation from college and I max out my 401K every year. Additionally, I automatically transfer money to my savings account each month.
Do you have any debt?
No debt.