It is not only the US that is being “destroyed” by the Millenial generation. According to the UK’s Financial Conduct Authority, the mean amount of cash savings held by 25 to 34-year-olds is £11,000, which is less than half the £25,000 for the average UK adult.
However, this mean figure is misleading because it’s warped by high earners. According to the 200-page Financial Lives Survey 2017 (12,000 survey participants) published by the FCA, “One in five (19%) 25 to 34-year-olds have no cash savings whatsoever, and a further 30% have cash savings of less than £1,000.”
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