Millennials Are More Likely Than Baby Boomers to Have Emergency Savings

iStock
iStock

The importance of an emergency fund isn’t lost on the youngest members of the workforce. As Money reports, Millennials actually surpass Baby Boomers when it comes to cultivating (and maintaining) savings, at least in some respects.

Bankrate.com recently published a survey of 1003 U.S. adults conducted by Princeton Survey Research Associates International. The report found that 50 percent of respondents between the ages of 18 and 36 have enough cash in the bank to support themselves for at least three months in case of emergency. Forty-nine percent of people over the age of 56 could say the same. The younger generation was also more likely to have a savings account of any size—only 25 percent of Millennials reported not having one compared to 27 percent of Baby Boomers.

There was one important area where the older generation won out. Thirty-eight percent of Baby Boomers said their emergency fund was large enough to cover at least six months worth of expenses. Twenty-three percent of Millennials have savings accounts of the same size. This indicates that the Baby Boomers who do make it a point to save are more likely to reach the savings goal recommended by financial experts.

Though their savings may be smaller, the fact that Millennials are putting away any amount of money is good news. Practicing good financial habits at a young age is the first step towards a secure retirement. The results reflect what we already know about Millennials’ attitudes towards money matters: Because they came of age during the 2008 financial crisis, saving money and tackling debt are top priorities. Financially savvy young people looking to grow their savings cushion past the six-month mark can find some helpful savings tips here.

[h/t Money]

Save Up to 80 Percent on Furniture, Home Decor, and Appliances During Wayfair's Way Day 2020 Sale

Wayfair
Wayfair

From September 23 to September 24, customers can get as much as 80 percent off home decor, furniture, WFH essentials, kitchen appliances, and more during the Wayfair's Way Day 2020 sale. Additionally, when you buy a select Samsung appliance during the sale, you'll also get a $200 Wayfair gift card once the product ships. Make sure to see all that the Way Day 2020 sale has to offer. These prices won’t last long, so we've also compiled a list of the best deals for your home below.

Rugs

AllModern/Wayfair

- Mistana Hillsby Power Loom Beige Saffron/Teal Rug $49 (save $97)

- Wrought Studios Shuff Abstract Blue Area Rug $100 (save $105)

- All Modern Lydia Southwestern Cream/Charcoal Area Rug $49 (save $100)

- Union Rustic Gunter Power Loom Blue/Khaki Rug $22 (save $38)

- Willa Arlo Interiors Omri Oriental Light Gray/Ivory Area Rug $49 (save $149)

Furniture

Langley Street/Wayfair

- Alwyn Home 14-inch Medium Gel Memory Foam King Mattress $580 (save $1420)

- Andover Mills Pascal Upholstered King Bed Frame $318 (save $832)

- Sol 72 Outdoor 8-Piece Sectional Seating Group with Cushions $650 (save $1180)

- Langley Street Darren 68-Inch Tuxedo Arm Sofa $340 (save $1410)

- Three Posts Tyronza Coffee Table $147 (save $193)

Kitchen

NutriBullet/Wayfair

- Cuisinart 11-Piece Aluminum Non Stick Cookware Set $100 (save $200)

- Rachael Ray Cucina 10-Piece Non-Stick Bakeware Set $92 (save $108)

- NutriBullet Rx Smart 45-Ounce Personal Countertop Blender $124 (save $56)

- Henckels Graphite 13-Piece Knife Block Set $160 (save $340)

- DeLonghi ECP3220 15-Bar Pump Espresso Machine $120 (save $90)

Electronics

Samsung/Wayfair

- Samsung 36-Inch French Door Energy Smart Refrigerator $3600 (save $400)

- Cosmo 30-Inch Freestanding Electric Range Oven $1420 (save $1580)

- Whynter 19-Bottle Single Zone Built-In Wine Refrigerator $380 (save $232)

- bObsweep PetHair Robotic Vacuum Cleaner with Mop Attachment $226 (save $443)

- Rowenta Focus 1700 Iron with Burst of Steam $68 (save $47)

Work From Home Essentials

Foundery Select/Wayfair

- Techi Mobili Adjustable Laptop Cart $50 (save $20)

- Foundry Select Arsenault Farmhouse Desk $210 (save $190)

- Symple Stuff Clay Mesh Task Chair $128 (save $121)

- Three Posts Salina Standard Bookcase $183 (save $617)

- Lorell Hard Floor Chairmat $52 (save $39)

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These Are America's 20 Happiest States

Natalya Zaritskaya, Unsplash
Natalya Zaritskaya, Unsplash

Personal happiness is subjective, but there are many factors that contribute to someone's well-being. Income, sleep habits, and work-life balance are a few examples. By gauging how these factors affect people across the country, WalletHub was able to put together a map ranking the happiest states in the U.S. in 2020.

To compile the list below, the personal finance website determined how all 50 states performed in three categories: emotional and physical well-being, work environment, and community and environment. These three labels cover more than 30 specific criteria, including divorce rates, unemployment rates, adequate sleep levels, and average work hours.

Hawaii tops the list, earning a total score of 69.58 out of a possible 100. It ranks second in emotional and physical well-being and third in community and environment. Just behind The Aloha State is Utah, which beats out all other states when it comes to work environment. Minnesota, New Jersey, and Maryland round out the top five. You can read the full list of America's 20 happiest states below.

Judging happiness levels by state is just one way to view the country's mental health. For an even more localized snapshot of happiness across the U.S., check out the country's happiest cities.

  1. Hawaii
  2. Utah
  3. Minnesota
  4. New Jersey
  5. Maryland
  6. California
  7. North Dakota
  8. Iowa
  9. Idaho
  10. Connecticut
  11. Nebraska
  12. South Dakota
  13. Massachusetts
  14. Virginia
  15. Washington
  16. Vermont
  17. New York
  18. Wisconsin
  19. Nevada
  20. Arizona