Women Are Spilling How Much Is in Their Savings Accounts in This Twitter Thread

Earlier this week, media coverage of Alexandra Ocasio-Cortez’s savings account made large waves on the internet. NBC suggested she “only” had $7,000 dollars in savings, as though that amount of money in an account is abnormal for people Ocasio-Cortez’s age.

However, as millennials on Twitter pointed out, that’s probably more savings than the average bear has in their accounts.

Sad but true. Millennials (people born between 1981 and 1998 for the purposes of this 2018 MagnifyMoney study) have an average of $24,190 put away in both bank accounts and investment accounts. However, the median is only $2,430.

More: These Are the 10 States Where Millennials Earn the Most Money

To prove a point, @cxcope made a thread asking millennials how much they have in their savings accounts.

More: Are Millennials More Stressed About Money or Politics? The Answer Might Surprise You

And you’d be shocked how open people were about their accounts. There was a mix of responses, from people with no savings to people with a few thousand and encouraging words for people struggling.

More: Survey: Millennials Say They Need a Salary of $80K “to Feel Happy”

Money can be tough to talk about.

But ultimately, we should be sharing with our peers (and our congresspeople!) what our financial lives look like. It’s a great way to assess societal needs to ensure equality and beat traditional structures that keep people from financial health, such as gender inequality, racism and classism. Oh yeah, and uh, the astronomically high cost of higher education that plunges most young people into piles of debt. Plus, it’s a good way to learn healthy habits from each other, check our privilege if we’re in a financially well point of our lives and find solidarity and ask for help if we’re not.

 

This article originally appeared on Fairygodboss. As the largest career community for women, Fairygodboss provides millions of women with career connections, community advice and hard-to-find intel about how companies treat women.

Comments

blog comments powered by Disqus