How so Many Millennials Have Over $100K in Savings

According to a new report, 16 percent of people born in the 1980s and '90s have $100,000 or more in savings.

Millennials have a rep for being totally broke, but apparently they're better off than we think. According to a new report, they save at least as much as—and, in some cases, more than—people in previous generations.

2018 Better Money Habits Millennial Report, which was released by Bank of America and KhanAcademy, found that 63 percent of Millennials have savings, 47 percent have $15,000 or more put away, and 16 percent have $100,000 or more tucked away.

Their secret for success is incredibly simple. Unlike previous generations, Millennials actually set savings goals and stick to them; the survey found that 73 percent of them create and follow a monthly budget.