While millennials are certainly having a rough time financially and aren’t the best at saving in general, some are saving a little bit.
While it’s not that much, one in three college students have at least $1000 saved, according to a survey by DepositAccounts.
If you read the news these days, you’ll catch many headlines about how the young are in debt, not making enough money, can’t afford to buy a home, and so on. Gen Zers in particular are changing the economic culture of the US by eliminating industries through their consumer decisions and generally not saving. The lack of saving is usually not a choice, but a necessity for those carrying the weight of student loan debt.
Given all this information, it may be a surprise to hear about how many college students are saving their own money, funding their own tuition payments, and saving their own money for an emergency fund. About one in three (34%) college students have at least $1000 saved for an emergency fund. On the flip side, only 11% of college students have no money saved for an emergency fund at all. Unfortunately, it’s not so many who have much saved up, but the fact that 89% of college students have a small amount saved is good news.
When it comes to what the modern college student is saving up for, tuition payments are at the top of the list. Living expenses and emergencies are the next top reasons the young save, respectively. In more smart news, 64% of college students have a separate savings account, according to the same DepositAccounts study.