Money is a feminist issue — and yet, women are still reluctant to talk about it. According to a recent Bustle survey of more than 1,000 Millennial women, more than 50 percent of people said they never discuss personal finances with friends, even though 28 percent reported feeling stressed out about money every single day. Bustle's Get Money series gets real about what Millennial women are doing with their money, and why — because managing your finances should feel empowering, not intimidating.
Saving money is always a big topic of conversation among people, especially if they live paycheck-to-paycheck. It also may make you curious as to what Millennial women have in their savings accounts right now. Do you have a similar amount? More? Less? Nothing? Chances are, you'll be able to relate to ~someone~ I spoke to below. "Remember, it's never too late to start saving, no matter where you are in life," Anna Colton, Merrill Edge executive, tells Bustle. "As you get older, consider job changes, salary increases, and lifestyle changes as an opportunity to evaluate your savings plan and how much you're contributing to your retirement. In addition, consider automating your savings. Having money automatically deposited from a paycheck into a workplace retirement account can make investing for the future effortless."
Seems like solid advice, especially given that statistics show that many Millennials are not big savers. A 2016 GoBankingRates survey found that among "young Millennials" — those between 18 and 24 — 72 percent had less than $1,000 in their savings accounts, and 31 percent had nothing. A small number, 8 percent, had over $10,000 saved. As for "older Millennials" — those between 25 and 34 — the survey found that 67 percent had less than $1,000 in their savings accounts, 33 percent had nothing, and 15 percent had over $10,000.
Why The Low Numbers?
Erin Lowry, Millennial finance expert and author of the upcoming book BROKE MILLENNIAL: Stop Scraping By and Get Your Financial Life Together, inspired by the blog of the same name, weighs in on reasons for the low numbers. "Overspending and lack of a budget are both common factors for why both men and women do not have significant savings," Lowry tells Bustle. "For Millennials, there's often a pressure to be balancing lifestyle with significant student loan debt, and those living in metropolitan areas with high cost of living find it difficult to put more than a few bucks away per paycheck. Because saving $10 or $20 per paycheck sounds so insignificant, many people will give up before they even get started. They may wonder, why bother saving $10 a paycheck, when it would take five months to get to just $100 (assuming you're paid bi-weekly)?"
How Can Millennials Save More?
~This~ is the question, right? How can you and I save more?! "In addition to saving and investing your other funds, create an emergency fund," Colton says. "As you create an emergency plan, aim to maintain at least six months' worth of living expenses in an easy-to-access checking or savings account. Plus, 'stash' any extra cashyou receive that may come in the form of a tax return, bonus, or gift."
So what did I find out? Here's what 14 Millennial women said they have in their savings accounts right now.
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As you can see, the amounts of money female Millennials save varies quite a lot. I'm glad to see, though, that many seem to have organized finances, and save more than the 2016 GoBankingRates survey data found. As Colton says above "it's never too late to start saving," and I think that's a great rule of thumb to follow. Don't you?