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, in this study) have an average of $24,190 put away in both bank accounts and investment accounts. However, the median is only $2,430.
To prove a point, @cxcope made a thread asking Millennials how much they have in their savings accounts.
And you'd be shocked how open people were about their accounts. There were a mix of responses, from people with no savings to people with a few thousand and encouraging words for people struggling.
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.
More on millennials and money:
Una Dabiero is an editorial associate at Fairygodboss. She likes pop culture, reading things that make her think, and hearing women's stories. Don’t follow her on social media (please), but do follow her on the FGB community.