Bank of America Survey – “When you hear the word “millennial,” it may call to mind some stereotypes: they are self-absorbed, foolish with money, not long-term planners or still dependent on their parents. But do these stereotypes hold up? That’s what we set out to find in the fifth edition of our Better Money Habits Millennial Report. It turns out that millennials are actually just as good, or better, than other generations when it comes to managing money, and they are getting their financial houses in order. Millennials (ages 23-37) are more likely to set savings goals – and a majority meet them. Most millennials feel financially secure – at a level on par with Generation Xers and Boomers – and they are more likely to ask for raises. Still, they feel stressed; one in four worry often about money. The interesting part is that millennials believe the stereotypes about themselves. Despite their good habits, three-quarters say their generation overspends, and the majority believe that their generation is bad at managing money. We often hear another stereotype about millennials and their careers: they are job-hoppers. Our findings show that while the majority of millennials expect to hold eight plus jobs in their lifetime, a quarter of them have been laid off. Yes, they may bounce around, but consider the factors outside of their control. At home, millennial parents are very aware of the costs of raising children. Older generations say finances weren’t really a factor in their decision to have kids; millennial parents say the opposite. And, nearly a quarter of older millennials are already saving for their children’s education – a feat given that so many may still be paying off their own student loans. My takeaway? Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives. Let’s not forget, many millennials entered the workforce during the most severe economic downturn since the Great Depression. However, they seem to have weathered the storm quite admirably…”