Are you saving enough for retirement? Here’s how many Millennials in the US have more than $1 million saved
Here’s how many young people have more than a million in the bank.
Young people always have it tough, but this young generation might have had it (financially) tougher than most.
However, research from Knight Frank and The Intelligence Lab says that the current youngsters have saved better than anyone, and are in pole position to become the richest generation, with a large percentage already over the $1 million mark.
GoBankingRates.com explained that recent research shows that “2.7% of millennials have reached retirement millionaire status and have retirement accounts with more than $1 million, averaging $1.74 million.”
‘Gen X and Gen Z increased their wealth by 8.8% and 9.5%’
They revealed that “millennials have increased their wealth by 14%” over the past year, which was more than any other generation, adding that they “increased their 401(k) plan balances by 15.6%, nearly twice the amount of the average American.”
In comparison, they add, “Gen X and Gen Z increased their wealth by 8.8% and 9.5%.”
It is explained that both stimulus checks and child tax credits have helped this surge in bank balances, with plummeting interest rates also providing a jump-on point for the generation to cling onto.
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Stocks have also proven to be a huge factor in expanding wealth. The 401(k)s and brokerage accounts markets boomed and the “S&P 500 is up 23% compared to a return of 12.85% in the past five years” - the millennials have been taking advantage, buying a lot earlier than their boomer oldies.
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