A quarter of Millennials have $100,000 saved. Here's how they plan to spend it

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Millennials are saving more and their money habits are improving.

Nearly a quarter of people aged 24-41 have more than $100,000 in savings, up from 16% in 2018, according to a new report from Bank of America.

"Today's millennials are more serious about their finances than we've seen historically," said Andrew Plepler, global head of environmental, social and governance at Bank of America. "They have more financial acumen than people suspect."

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While more millennials are growing their savings, 27% of them are not saving at all.

Over three-quarters of all millennials are saddled with debt and 16% hold more than $50,000 in debt, not including mortgages.

Because of debt, 42% say they aren't able to buy a home, 21% are putting off getting married and another 21% are delaying having a baby. Others are waiting longer to start a business or move to a more satisfying job.
Debt is keeping 18% from living on their own without support from family and friends.

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