We all have that friend that somehow seems to be a wizard at saving money. And as she chats about her account’s growing interest and what she might spend it on you think to yourself, “Am I the only person who doesn’t have a bed of cash stowed away?” To answer your question, no. According to a recent survey conducted by GOBankingRates, most people have a lot less in their savings account than you might think.

GoBankingRates surveyed people between the ages of 18 to 65+ and discovered that a whopping 62% have under $1,000 in their savings account. In regards to the millennial generation specifically (ages 18-24), nearly a quarter (22.4%) admitted they don’t even have a savings account. 21.8% said they have one but have nothing in it and 9% only have a minimum required balance stowed away. In the older millennial group (ages 25-34) things looked a little better, but not much. 44.3% of people in this group don’t have a saving account at all or have one with a balance of $0.

So how many millennials actually have a cushy stash to fall back on? In the 18-24 age group, only 26.9% admitted to having $1,000 or more in their savings. In the older millennial group, that number cranked up to 30%.

Cameron Huddleston, a personal finance expert and columnist for GOBankingRates says, “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account. It suggests that they likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends, and family, or even their retirement accounts to cover unexpected expenses.”

Not surprisingly, the report also found that those make more, save more (because, duh). People making less than $75,000 a year reported having $0 in savings more often than people who receive a higher income.

So what does this all mean? Are we as millennials just straight up terrible at saving money (because that $30 brunch is IMPORTANT, right?!) or can this be blamed more us having to enter the workforce during a massive recession? Sadly, that’s a question we don’t have the answer to, but it’s a survey that we’re guessing won’t take long to come our way. Until it does, we’re going stick with option b.

How do you manage to save when money is tight? Share your tips with us in the comments below.

(Photos via Getty and GOBankingRates)