Report: 1 in 6 millennials have $100K in savings

According to new Bank of America survey, approximately 1 in 6 millennials have a savings of $100,000, up 8 percent from 2015, reported USA Today.

More than half of millennials have a budget and are actively saving. With an increase in their financial stability, millennials pose an opportunity to the powersports industry as a new buying power. 

Of the millennials surveyed by Bank of America, 16 percent reported they had $100,000 in savings or more. Andrew Plepler, global head of environmental, social and governance at Bank of America, told USA Today, that “despite stereotypes of millennials as being foolish with money and not long-term planners, they are actually behaving ‘quite responsibly’ when it comes to money.”

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