A 2018 Bank of America survey found that 1 in 6 millennials — which BoA defined as those between age 23 and 37 — now have $100,000 or more in savings. That's impressive, considering few Americans can cover a $1,000 emergency. But that stat doesn't tell the whole story: While some millennials are increasingly proving to be savvy savers, many other young people are not making progress at holding onto their cash.

A 2017 GoBankingRates survey found that most "young millennials" — which GBR defines as those between 18 and 24 years old — had less than $1,000 in their savings accounts. Nearly half had nothing saved at all.

To make matters worse, the share of millennials with $0 in savings is on the rise. In 2016, 31 percent had $0, compared to 46 percent in 2017.

Note that the two reports look at a slightly different samples: BoA defines millennials as those between 23 and 37, while GBR defines the generation as those between 18 and 34. Regardless, GBR looked at the same population in 2016 and 2017 and found a higher proportion of young people had trouble saving anything in 2017.

Here's the percentage of the GBR survey respondents aged 18 to 24 with:

$0 saved:

In 2016: 31 percent
In 2017: 46 percent

Less than $1,000 saved:

In 2016: 41 percent
In 2017: 21 percent

$1,000 to $4,999 saved:

In 2016: 15 percent
In 2017: 15 percent

$5,000 to $9,999 saved:

In 2016: 4 percent
In 2017: 5 percent

$10,000 or more saved:

In 2016: 8 percent
In 2017: 13 percent

Even "older millennials" — defined by GBR as those between 25 and 34 — struggled to set aside money: 61 percent had less than $1,000 in their savings accounts and 41 percent had nothing at all.

Here too they found that the percentage with $0 in savings had increased.

Here's the percentage of the GBR survey respondents aged 25 to 34 with:

$0 saved:

In 2016: 33 percent
In 2017: 41 percent

Less than $1,000 saved:

In 2016: 34 percent
In 2017: 20 percent

$1,000 to $4,999 saved:

In 2016: 13 percent
In 2017: 13 percent

$5,000 to $9,999 saved:

In 2016: 5 percent
In 2017: 6 percent

$10,000 or more saved:

In 2016: 15 percent
In 2017: 20 percent

How much should you have stashed away?

While the amount you need in savings is highly personal, and specific dollar amounts can be arbitrary, money expert at Intuit Kimmie Greene has a simple formula to help you figure out if you're setting aside enough money.

In your 20s: Aim to save 25 percent of your overall gross pay, Greene tells CNBC Make It. "That 25 percent is the combination of 401(k) withholdings, matching funds from your employer and any cash savings that you have," she notes. "It can also include debt repayment.

"Just make sure your lifestyle expenses don't exceed 75 percent of your gross income."

By age 30: Have the equivalent of your annual salary saved, Greene says. If you earn $50,000 a year, aim to have $50,000 in savings when you hit 30.

Again, this includes any retirement-account contributions, matching funds from your company, cash savings or money you have invested elsewhere, like in index funds or with robo-advisers.

By age 35: Have twice your annual salary saved.

By age 40: Have three times your annual salary saved.

By age 45: Have four times your annual salary saved.

By age 50: Have five times your annual salary saved.

By age 55: Have six times your annual salary saved.

By age 60: Have seven times your annual salary saved.

By age 65: Have eight times your annual salary saved.

Greene's timeline is similar to the one recommended by retirement-plan provider Fidelity Investments, which says a good rule of thumb is to have the equivalent of your salary saved by age 30 and to have 10 times your final salary in savings if you want to retire by age 67.

"While this can sound super daunting today, if you're putting that money to work starting in your 20s, it's not as difficult as it sounds," says Greene.

She also notes that "life is anything but linear" and it's impossible to follow this formula to a tee. You may have to adjust accordingly and save more or less in any given year, depending on major life events, such as having a kid or buying a home.

At the end of the day, the sooner you start saving — for retirement or any other major purchases you hope will be in your future — the better off you'll be.

 https://www.cnbc.com/2018 .. 6gNKNZzg%3D%3D

Wasn't there a story about a majority of Americans having nothing saved.

Millennials this, millenials that.

even this projection is outdated...by the time you retire you should have at least 12 times pay and its probably more like 15x...and this is if you retire today! I can only imagine where it'll be in 20 years

Most people in the young millennial demographic hardly work

Most people I know in college or that age bracket (18-24) either don’t work (bc of school) or work part-time (because of school). And the ones I know working FT are doing it because they have to make ends meet. (Aka they pay for school, apartment, groceries, etc.)

Millennials are broke mainly bc they’re still in school. It’s not like in years past where you were coming out of high school and working or starting a career. My pap had a house when he was 18 making 30k/yr (which was a lot). I know kids post-college that are only making 30k or less on top of bills and student debt. sh*t is different.

ShaDoW1 said even this projection is outdated...by the time you retire you should have at least 12 times pay and its probably more like 15x...and this is if you retire today! I can only imagine where it'll be in 20 years

"The percent of millennials with $0 in savings is growing. In 2017, 46% of millennials (aged 18-24) surveyed by GoBankingRates had no savings, up from 31% in the previous year. On the opposite end of the survey, 13% of millennials surveyed said they held $10,000 or more, up from 8% the year before. Among older millennials (aged 25-34) 41% surveyed had $0 in savings in 2017, when 33% said they had $0 in savings just the year before. The rising number of millennials with no savings coincides with an era of rising student debt and increasing national income inequality."

Let me summarize this: the system this country was built on is broken.

It's over y'all.

They must keep those polls and studies far away from the hood. Cuz the numbers should be much worse.

We broke. Broke broke Phi Broke.

We ain’t got it

chill they givin out $1000 bonuses outchea

REDUCE23 said Everything is expensive. sh*t I just filled up my tank and it cost me ten dollars more. My income grows but not at the rate of inflation. Little by little I am depleting my savings to live.

my first apartment in Kent WA I paid $462/month. Now I pay $1100 in West Seattle for a 1 bedroom. You're only talking 10 years and now that same 1 bedroom in Kent is going for $900. Yeah we got $15 minimum wage but fu*king inflation is driving every poor person in Seattle mad.

[pic - click to view]

wasn't there a thread the other week about how they all have $100k saved?

REDUCE23 said Everything is expensive. sh*t I just filled up my tank and it cost me ten dollars more. My income grows but not at the rate of inflation. Little by little I am depleting my savings to live.

Pay isnt increasing at the rate of inflation. Ive seen companies cut good paying jobs for a few months just to hire younger people at half the pay to save money

Just having a place to live takes up 40-60 percent of most of peoples income you cant no have no savings. You wont be able to do anything. You spend more time at work than u do at home . The cost of education is high and jobs limited. Ive seen more people with degrees not being paid what they're worth.

Companies making 2 billion dollar profit quarters and cutting jobs. Companies only care about pleasing their shareholders.

This generation would rather stack up on followers and likes than real dollars.

I have more than half my money invested and still have 10k in the bank. I'm thinking about taking all my money out of the bank too because some dude bum rushed me inside of Chase to stick his check in the machine and when I told Chase to check security footage and called their fraud department to make a report they both acted like it was none of their business. fu*k em, may as well keep my sh*t under my mattress

At least my broke a.ss not alone. I lost 300 last night at the casino. I'll bounce back tho. Ball till i fall.

Steelgrip said I have more than half my money invested and still have 10k in the bank. I'm thinking about taking all my money out of the bank too because some dude bum rushed me inside of Chase to stick his check in the machine and when I told Chase to check security footage and called their fraud department to make a report they both acted like it was none of their business. fu*k em, may as well keep my sh*t under my mattress

or put it in a black bank a.ssuming you're black...

DJ Maximum said Pay isnt increasing at the rate of inflation. Ive seen companies cut good paying jobs for a few months just to hire younger people at half the pay to save money Just having a place to live takes up 40-60 percent of most of peoples income you cant no have no savings. You wont be able to do anything. You spend more time at work than u do at home . The cost of education is high and jobs limited. Ive seen more people with degrees not being paid what they're worth. Companies making 2 billion dollar profit quarters and cutting jobs. Companies only care about pleasing their shareholders.

sh*t is wild out here. Most the people my age range (18-24) that I know that are doing well/living comfortable-ish are the ones in trades. Which I find crazy ironic considering my whole time up thru school 4-year degree programs were what was being pushed on us. And those who wanted to take to trades were often looked at as they were dumbasses or just weren’t smart enough for college

Don’t get me wrong, I know some people post-college making out alright/working in their fields... I just know a lot more working in restaurants/entry level positions. sh*t is retarded but that’s what comes when everyone has a degree

was talking to a 24 year old today looking to rent an apartment and she said a 1 bdrm, 600sqft place was $1200 and her car note is $450 for 6 years. thats a rough starts. you'd need a base of $40k which not to many 24 years old are getting. thats almost 20k in expenses not including food, clothes, gas, furnishing etc...

MrCiiNeMa said sh*t is wild out here. Most the people my age range (18-24) that I know that are doing well/living comfortable-ish are the ones in trades. Which I find crazy ironic considering my whole time up thru school 4-year degree programs were what was being pushed on us. And those who wanted to take to trades were often looked at as they were dumbasses or just weren’t smart enough for college Don’t get me wrong, I know some people post-college making out alright/working in their fields... I just know a lot more working in restaurants/entry level positions. sh*t is retarded but that’s what comes when everyone has a degree

This is true I know bartenders and waitresses make close to 80k a year it really makes college a waster of time unless ur in IT or healthcare. But ultimately who you know and networking goes far.

This is funny cuz I just read an article saying that 15% of millennials have at $100,000 or more in savings.

modalee said This is funny cuz I just read an article saying that 15% of millennials have at $100,000 or more in savings.

that article is fake news or just pooled a survey from people who just got their inheritance

DJ Maximum said that article is fake news or just pooled a survey from people who just got their inheritance

Not sure if the survey was based on people just telling the truth or if BofA actually looked through millennials bank accounts to find this info.

DJ Maximum said This is true I know bartenders and waitresses make close to 80k a year it really makes college a waster of time unless ur in IT or healthcare. But ultimately who you know and networking goes far.

Yep I have a friend that made over six figures bartending last year. In her last semester of college, too. Dropped out lol

She said she’ll prob go back or end up finishing online but it’s still nuts. That all comes down to looks/personality and location of course.

MrCiiNeMa said Most people in the young millennial demographic hardly work Most people I know in college or that age bracket (18-24) either don’t work (bc of school) or work part-time (because of school). And the ones I know working FT are doing it because they have to make ends meet. (Aka they pay for school, apartment, groceries, etc.) Millennials are broke mainly bc they’re still in school. It’s not like in years past where you were coming out of high school and working or starting a career. My pap had a house when he was 18 making 30k/yr (which was a lot). I know kids post-college that are only making 30k or less on top of bills and student debt. sh*t is different.

This and nothing else