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Millennials believe their own financial stereotypes. They're wrong.

People line up at ATM machines
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.