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SOURCE Cornerstone Fund
As studies continue to show, too many millennials are not saving, but new study finds that when millennials do save, they save and invest in a socially responsible way.
CLEVELAND, Feb. 26, 2018 /PRNewswire/ -- Studies continue to show that nearly half of all millennials are increasingly not saving and investing their dollars. A new Cornerstone Fund study finds that 44 percent of all millennials, those ages 18 – 34, do not have any type of savings or investment accounts at all.
For those with savings accounts, a 2017 GOBankingRates survey found that there is an increasing number of millennials who have nothing in them. The survey found that that most "young millennials" – defined as those between the ages of 18 and 24 – had less than $1,000 in their savings accounts, and more than half do not have anything at all. In 2016, these numbers were a whopping 10 to 20 percent lower.
And "older millennials" aren't much better at saving. The same survey found that 61 percent of "older millennials" – those between the ages of 25 and 34 – had less than $1,000 in their savings account, and 41 percent had nothing at all.
When millennials do save, however, the Cornerstone Fund study finds that 40 percent of them save in a socially responsible way, 30 percent more than their older peers. Just 28 percent of Gen X'ers (those between the ages of 35 and 44) say that they currently participate in socially responsible investing – investing with organizations that are engaged in social justice, environmental sustainability and alternative energy/clean technology efforts.
"We know that while church attendance is on the decline in this country, the commitment to, and the activity around, social causes is actually on the rise," says Maria C. Coyne, president and CEO of the Cornerstone Fund, a faith-based, socially responsible investment firm. "Millennials, especially, are taking an active role in the social justice issues of the day, and as they are able to save, it is no surprise that they're saving and investing their dollars in socially responsible ways."
The Cornerstone Fund is a faith-based, socially responsible investment firm that uses investments to provide low-cost loans to churches and religiously affiliated non-profit organizations for projects that further the mission of the church and the health of each community. More information can be found at www.cornerstonefund.org. The Cornerstone Fund survey was conducted online by an independent research firm with 533 U.S. individuals, ages 18 – 45 on February 21 & 22, 2018. Expected margin of error is +/- 4.4%.
The Cornerstone Fund
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