Around 31% of Millennials have less than $1,000 in savings, highlighting significant financial challenges mirrored by both Gen Z and Gen X. A large portion of American adults lack financial literacy, which declined from 76% a decade ago to 57% today. This decline aligns with increasing wealth disparities and reveals the importance of financial education. High-yield savings accounts present an avenue for Millennials to grow their savings, although they often impose stricter conditions than traditional accounts. Overall, these trends emphasize the need for better financial understanding and management skills among younger generations.
Around 31% of Millennials currently have under $1,000 in savings, reflecting broader financial challenges and a concerning decline in financial literacy across generations.
High-yield savings accounts can help Millennials increase savings, but they often come with stricter rules compared to traditional savings options.
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