As much flack as millennials get for their bad financial habits, they actually are pretty good savers. A recent survey conducted by Bank of America found that 73% of millennials are actively saving money and more than half (59%) have $15,000 or more in savings.

Why millennials are not saving?

Millennials' tendency to get easily bored and always want to follow the latest trends is the first reason why millennials are known to rarely save money. For example, the latest smartphones which are usually released annually by a number of brands always packed with busy millennials waiting in line to buy them.

How much does the average Millennial have in their savings?

When it comes to personal and retirement savings, millennials are firmly in the middle of the pack compared to other generations. Millennials (ages 25 to 40) have an average of $51,300 in personal savings, while their retirement accounts have an average balance of $63,300.