When millennials save, they save in socially responsible way
A new Cornerstone Fund study finds that 44 percent of all millennials, those ages 18 – 34, do not have any type of savings or investment accounts at all.
For those with savings accounts, a 2017 GOBankingRates survey found that there is an increasing number of millennials who have nothing in them.
The survey found that that most "young millennials" – defined as those between the ages of 18 and 24 – had less than $1,000 in their savings accounts, and more than half do not have anything at all. In 2016, these numbers were a whopping 10 to 20 percent lower.
And "older millennials" aren't much better at saving. The same survey found that 61 percent of "older millennials" – those between the ages of 25 and 34 – had less than $1,000 in their savings account, and 41 percent had nothing at all.
When millennials do save, however, the Cornerstone Fund study finds that 40 percent of them save in a socially responsible way, 30 percent more than their older peers.
Just 28 percent of Gen X'ers (those between the ages of 35 and 44) say that they currently participate in socially responsible investing – investing with organizations that are engaged in social justice, environmental sustainability and alternative energy/clean technology efforts. ■