patrick.net

Sniper says

Sadly, it wasn't any better, almost just as bad.

So clearly it's an American problem. If anything it's more embarrassing that older folks haven't saved more in the time they've had. Millennials can still make up lost ground. And yes, living with mommy and daddy is one of those ways to save money. If mommy and daddy are cool with it, isn't it on them to own their children as failures? Or smart capitalist? It's one or the other.

Sniper says

I'm confused, if someone has a 3-6 month emergency account, how much on average would there be in that account? Are you suggesting people shouldn't have a emergency account?

Should have clarified. Yes on having an emergency "account." Your emergency fund can be in a checking or savings account though. I keep on average about $10k in my checking. Yes, the savings account is an additional part of that emergency fund. Unless you're (not you) an idiot, $10-$15k should easily cover you for 3-6 months. If you need more than that in an emergency fund, then you don't need an emergency fund, you've got money and should have assets and don't need Dave Ramsey to wipe your ass (not you, speaking in terms of people needing this "service").

Sniper says

Isn't that what the chart is saying for the 74%? Should Millennials dump every cent into their 401K (step one) and not save anything for a rainy day?

Technically yes, every penny they can afford should be dumped into a 401K. Bankruptcy won't touch your 401K. It will fucking drain your savings account though if you want to keep cash there and have to declare BK. And if you're going bankrupt, the 10% early withdrawal on a 401k is a nothing burger if you don't have a job and aren't paying Fed taxes. So outside of a small cash contingency/emergency fund, every $ you can dump into a protected account is about the smartest move you can make.

Sniper says

I think it's clear by that chart that Millennials aren't saving tons of cash in their checking account or sticking under their mattresses instead of a saving account. They aren't saving. Period.

I won't dispute this. Most Americans aren't saving anything. Let's just stop hammering one generation or the other though.

Strategist says

What counts is your liquid assets, and credit card limits that can be used in an emergency.

Both of which, Millennials don't have.

Strategist says

Who bothers to save in a savings account?

The gist I get from this article (and others like it) is that they use the terminology "savings account" to designate saving money somewhere. Using the term "savings account" makes it clear to the readers what the intention is.

I think if they said "checking account", most people would equate a checking account as the one you PAY all your bills out of, not SAVE money for the future, that you don't touch.

As we all know, if a Millennial had $1000 in their checking account (debit card access), they would just spend it on a iPhoneX.

Sniper says

Strategist says

What counts is your liquid assets, and credit card limits that can be used in an emergency.

Both of which, Millennials don't have.

I do. So this is not true.

WookieMan says

Sniper says

Strategist says

What counts is your liquid assets, and credit card limits that can be used in an emergency.

Both of which, Millennials don't have.

I do. So this is not true.

Well, we all know you're special! :)

Actually, my kids do too, but they are definitely a minority within their peers. The majority of their friends are the paycheck to paycheck group. My youngest son wants to rent a house with one of his buddies, but none of them will leave the comfort of mommy's basement and strike out on their own.