Millennials’ money management habits compare favorably with those of older peers, yet money is millennials’ top-of-mind concern, according to a new report from Bank of America. Sixty-three percent of millennials in the study said they were saving, and 57 percent had a savings goal, compared with only 42 percent of Gen Xers and baby boomers. Not only that, two-thirds of the younger cohort said they were meeting their goal.
But that doesn't mean they're relaxed about it. Seventy-three percent of millennials in the new report said they often or sometimes worried about money.
BofA said a widespread notion that millennials are poor money managers exacerbates their stress. Three out of four survey participants of all ages said millennials overspent on indulgences and had difficulty meeting long-term goals.
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