Bank of America “Better Money Habits 50 Under $50K” List Recognizes Financially Savvy Young Professionals

Young Professionals Profiled Share Their Tips for Making Their Starting Salaries of $50,000 or Less Go a Long Way; Group to Gather at Camp Better Money Habits for Experiential End-of-Summer Event to Discover More Ways to Make Their Money Work for Them

September 25, 2018 at 9:00 AM Eastern

Better Money Habits®, Bank of America’s free financial education platform, released today the “Better Money Habits 50 Under $50K” list. It profiles 50 young professionals who are practicing smart financial habits on salaries of $50,000 or less (the average starting salary for four-year college graduates in 2017, according to the Hay Group). Each of the individuals recognized is profiled at 50Under50k.com, where their financial tips are also featured. 

“This list represents a diverse set of young people who are new to the workforce, practicing solid financial habits, and sharing their challenges and successes with their peers,” said Andrew Plepler, global head of Environmental, Social and Governance at Bank of America. “By connecting these young adults with experts and free Better Money Habits know-how, we aim to help them and their peers make sense of their money and take steps to continue to achieve their goals.”

Released in partnership with BuzzFeed, “Better Money Habits 50 Under $50K” is a financial portrait of young America. It recognizes young adults new to the workforce who are practicing solid financial habits at a time when many are taking on new financial responsibilities like rent or student loan payments, saving money from their first “real paycheck,” and balancing a budget.

In January, Bank of America issued its fifth Better Money Habits Millennial Report, which found that while millennials were saving and budgeting at levels at – or better than – other generations, they still worried often about their finances. In particular, they were focused on building emergency funds, establishing retirement savings, and working toward goals like paying off student loans or buying a home.

In August, Bank of America and BuzzFeed issued an open call for entries encouraging people from different geographies, education backgrounds and industries to share their stories and creative money-saving hacks. The judging committee – which included editors from BuzzFeed, and Bank of America financial experts and representatives from Better Money Habits – vetted hundreds of nominees for their interests, financial savviness and wellness, and overall alignment with the program to find 50 individuals who all have one thing in common: they are putting their financial knowledge into practice.

The final 50 represent a range of careers, interests and backgrounds, like:

  • A 23-year-old sales assistant who started her own company, created her own budgeting system, and views a savings account like a muscle that she’s building slowly and steadily.
  • A 23-year-old eSupport specialist and blogger who calculates her budget every week and takes cash out for her expenses to stay on track. She regularly checks her credit score, and as a first-generation college graduate, she has a plan to pay off student loans.

“‘Adulting’ — the highs and lows of learning independence and responsibility as you come of age — is a major topic for the BuzzFeed audience, and we’re so excited to work with Bank of America to recognize and empower young adults who are taking control of their finances and pursuing their dreams," said Summer Anne Burton, head of BuzzFeed Originals.

In addition to their inclusion on the list, the 50 recipients will convene September 28-30, at Camp Better Money Habits, an end-of-summer camp in Green Lane, Pennsylvania. There they will celebrate their successes, gain expert advice on solid financial habits, and connect with peers who share similar goals, interests and passions. They'll cover topics like getting the 411 on their 401k and considering how their budgeting decisions interplay with their personal brands, all while enjoying the last days of summer with outdoor activities and live music.

 

50 Under $50K methodology

It’s not about how much you make; it’s about what you make of it. Better Money Habits 50 Under $50K recognizes financially savvy young professionals who are finding ways to stretch their starting salaries of $50,000 or less. In partnership with BuzzFeed, Bank of America put out an open call for entries and encouraged people three years or less into their careers to share their own stories and creative money-saving life hacks. The judging committee included influential editors from BuzzFeed, Bank of America financial experts and representatives from Better Money Habits, its free financial education platform. Hundreds of entries across a variety of backgrounds, industries, education levels and geographies were vetted. The 50 honorees do have one thing in common: they‘re practicing solid financial habits at a time when many are taking on new financial responsibilities like rent and student loan payments, saving money from their first “real paycheck” and balancing a budget.

Better Money Habits®

At Bank of America, we’re committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That’s why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools that break down financial topics in a way that’s digestible, approachable and tailored. We also work with the education nonprofit Khan Academy on a video series for young adults focused on career-related financial topics. We continually look for ways to expand the reach of Better Money Habits and over the course of 2018 will offer Spanish language resources on the site.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, including more than 1,700 lending centers, more than 1,900 Merrill Edge investment centers and more than 1,300 business centers; approximately 16,100 ATMs; and award-winning digital banking with more than 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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www.bankofamerica.com

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  • Environmental, Social and Governance