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The majority of millennials regularly set savings goals. Photo: Education Images / UIG via Getty Images

Millennials are exercising good money habits as diligently as the generations of the past by almost every metric, per a new Bank of America report.

The big picture: Despite doomsday forecasts for millennials' financial future, members of America's largest generation — defined as those ages 23 to 37 in 2017 for the purposes of this report — are saving and budgeting at the same, or higher, rates as their parents and grandparents.

Savings and budgets
  • 59% of millennials feel financially secure, as opposed to 54% of Generation X and 63% of baby boomers.
  • 63% save money, compared to 64% of Gen-Xers and 75% of baby boomers. And 47% have $15,000 or more saved.
  • 54% are budgeting, compared to 54% of Gen-Xers and 57% of baby boomers. And 73% consistently stick to a monthly budget.
  • 57% have a savings goal, a rate much higher than the 42% of Gen-Xers and baby boomers who have such goals.
  • Their top savings priorities are emergency funds (64%), retirement (49%) and to buy a house (33%).
Financial stressors
  • Millennials believe negative stereotypes about their generation's ability to save money and plan for the future.
    • 73% say their generation "overspends on unnecessary indulgences."
    • 75% say they "overspend compared to other generations."
    • 64% say their generation "is not good at managing money," despite maintaining the same rates of saving and budgeting as older Americans.
  • 35% are worried they're not saving enough.
  • 21% fear they'll be ill-prepared for retirement.
  • 20% are concerned about being able to afford a house.
  • 17% are burdened by student loans.
Future of work
  • Millennials are more likely to ask for raises than their parents or grandparents, 80% of those who ask for raises get them.
  • 46% asked for a raise in the last two years, compared to 36% of Gen-Xers and 39% of baby boomers who did the same.
  • 26% say they are part of the gig economy, and that ticks up to 34% when considering just younger millennials.
  • 23% expect to work eight or more jobs throughout the course of their careers.

Methodology: Bank of America surveyed 1,500 respondents, ages 18 to 71, in English and Spanish.

Go deeper

Reports: CIA finds "Havana Syndrome" unlikely caused by foreign campaign

CIA Director William Burns testifies during a Senate hearing on Capitol Hill last April. Photo: Saul Loeb-Pool/Getty Images

A preliminary CIA report rules out a foreign global campaign as the cause of American and Canadian diplomats affected by a mysterious illness known as "Havana syndrome," per multiple reports.

Why it matters: Some lawmakers had suggested the sometimes debilitating illness was due to directed energy attacks. But CIA officials told the New York Times that most of the 1,000 cases reported to the government could be "explained by environmental causes, undiagnosed medical conditions or stress." This finding has angered some victims, per the NYT.

Jan. 6 panel subpoenas 2 far-right "America First" activists

The House panel investigating the Capitol riot, from left; Reps. Bennie Thompson, Liz Cheney, Adam Kinzinger and Jamie Raskin on Capitol Hill in December. Photo: Drew Angerer/Getty Images

The House select committee investigating the Capitol riot issued subpoenas Wednesday for far-right leaders Nick Fuentes and Patrick Casey, who allegedly encouraged followers to go to D.C. and challenge the 2020 election results.

Why it matters: The action underscores the panel's increasing focus on rallies held ahead of the Capitol attack and how extremists were drawn to former President Trump's baseless claims of widespread voter fraud, per the New York Times.

Democrats fail to change Senate rules to pass voting rights bill

Senate Majority Leader during a news conference in Washington, D.C., on Wednesday. Photo: Alex Wong/Getty Images

Democrats failed Wednesday night to change Senate filibuster rules to pass the voting rights bill, with Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) voting with Republicans.

The big picture: The failed effort came after Senate Republicans blocked the voting rights measure from coming to a final vote earlier Wednesday.