There have been a lot of surveys and studies conducted on millennials aka people between 23-37 years of age. We’ve been called the loneliest generation with followers but no friends and also been blamed for the automobile industry crisis. But we take all of it with a pinch of salt and a big dose of humour. We joke about our non-existent retirement plans and laugh at our bank account balance.
Which is why it came as a shock to everyone when CNBC shared a Bank of America survey saying 1 in 6 millennials have at least $100,000 (Rs. 70 lakh) in savings!
1 in 6 millennials have $100,000 saved — here's how much you should have at every age. https://t.co/p7cxOM7Rv3
— CNBC (@CNBC) October 21, 2019
But Twitter was completely flabbergasted at the findings. Some said that the word they meant to use was “debt” and not savings while others believed that only those with rich parents could afford to save this much. You know, like the 24-year-old who was gifted Rs.26,994 crores on his birthday!
Here is how they reacted to the tweet – with equal measures of wit and disbelief.
I don’t know ONE millennial (who’s not rich from their parents) who has $1000 saved much less $100k
— Indiana Croussett (@MsIndyCroussett) October 21, 2019
*study consists of six 25 year olds living in upper west side penthouses purchased by parents.
— Luke Barnett (@LukeBarnett) October 21, 2019
Report the parents’ incomes or it’s not a story.
— Pedro da Costa (@pdacosta) October 22, 2019
“1 in 100000 millennials have $6 saved “ there I fix your headline for you, your welcome @CNBC
— TeeReel (@Tee_Reel) October 21, 2019
— Joseph (@jhkayejr) October 21, 2019
Imma guess those Millennials were given $99k by their parents
— big mac 🦇 (@everclaire13) October 21, 2019
The other 5 are $100,000 in debt
— Paul (@PaulB____) October 21, 2019
As a millennial, who knows a lot of millennials, I can assure you that we don’t even have that COMBINED.
— P (@thee_par1) October 21, 2019
It’s from a survey of 1500 people ages 23-37 who have long term savings accounts at Bank of America. So 1 in 6 of them have that saved. That’s NOT equivalent to 1 in 6 millennials. So misleading!!
— Korina Moss (@KorinaLMoss) October 21, 2019
Hence proved. The survey is misleading because the sample size is too small and not representative of the entire generation of millennials. And since we don’t have that much saved up, we should heed IAS officer Kannan Gopinathan’s advice and buy a washing machine before we even think of quitting our jobs.