As America’s largest generation – at more than 72 million strong¹ – Millennials have a solid hold in the U.S. population, and they’re making big strides in their wealth as well.

Millennials currently have an average net worth of $313,640, according to Empower Personal Dashboard^TM data.

Millennials define “Financial Happiness” as reaching a net worth of $1,699,571, so on their journey toward that magic number, many are taking steps.

The workplace is one place Millennials are looking to expand their wealth, as around 2 in 5 (39%) plan to ask for a salary hike in 2024. This age group had a median pretax income of $71,566 in 2020.² They’re more open about money conversations than it comes to older generations; more than half of Millennials (58%) would share their salary information on their LinkedIn.

Investing is another tool young people can use to grow their financial footprint. According to Empower data, Millennials keep 42% of their money in U.S. stocks, the most of all age groups.

Millennials' Asset Allocation

Even though only 23% of Millennials say they have cash on hand daily, cash accounts for 26% of their investments. Their median cash balance is $59,872.90.

Being savvy with their cash is another priority for this age group. Millennials want to keep time on their side – some 52% think saving time is more important than saving money. For example, more than a third (36%) would trade $10,000 for someone to take on in-house chores and cook meals.

Millennials are also balancing how much to save for retirement, understanding that the power of compounding is on savers’ side.

This age group has an average of $248,248 saved for retirement, according to Empower data, and Millennials are especially leveraging workplace accounts for more than half. In 401(k) accounts alone, they hold an average of $185,664.