Studies show millennial women have enormous power—when it comes to spending, that is. But what about when it comes to building wealth, like saving and investing toward the future? To figure that out, SoFi teamed up with Levo to survey 2,050 millennial women on their behaviors and motivations around financial habits, with intriguing results.
Millennials get a bad rap when it comes to personal finance. They’re often labeled as unprepared for the future or emergencies because they don’t save enough, if anything at all. However, of the women surveyed, 53% have an emergency savings fund set aside (covering three to six-plus months of housing and necessities). And they don’t just keep their money under the bed: 70% review their bank accounts at least once a week. These findings indicate millennial women are much more financially responsible than they’re given credit for, in that they are savers and have cash flow to invest.Read more