Americans are still a long way from keeping themselves financially secure when it comes to saving money. According to the latest survey from GoBankingRates, 57 percent have less than $1,000 in savings, and a shocking 39 percent report to have not saved at all. Millennials are no exception.
Here is the illustration of the respondents who are considered to be young professionals, or young millennials.
$10,000 or more saved: 13 percent
$5,000 to $9,999 saved: 5 percent
$1,000 to $4,999 saved: 15 percent
Less than $1,000 saved: 21 percent
$0 saved: 46 percent
For the older Millenials – aged 25 to 34 – there is a similar trend.
The breakdown of these older Millennials is as follows:
$10,000 or more saved: 20 percent
$5,000 to $9,999 saved: 6 percent
$1,000 to $4,999 saved: 13 percent
Less than $1,000 saved: 20 percent
$0 saved: 41 percent
While the amount of savings for your needs varies from person to person, a safe amount would be to have at least the equivalent of your annual salary as your savings. You can then start increasing it year after year.