About 69% of Millennials have less than $1,000 in savings.

Nearly 7 in 10 millennials do not have a savings account with at least $1,000 in it according to a new finding published by GoBankingRates.

While the rise in online banking has made it easier for individuals to find other vehicles for their money, it also leads to increased spending, which can drain accounts faster than they can be replenished.

In general, financial experts say that you should keep a cushion of at least 3 months’ worth of salary in savings. That advice itself isn’t necessarily bad, but for the vast majority of people, that represents a lot of money and a savings account usually offers notoriously low interest rates.

A better plan might be to keep perhaps a month’s salary in a savings account (which can be immediately transferred to a checking account if the need arises) and the rest of your cushion in highly rated bonds or another relatively low-risk vehicle. If you really need access to the money, you can usually get in within 2-3 days, while earning at least double, if not more, in interest when compared to a savings account.

Still, the fact that almost 70% of millennials don’t even have enough in their savings account to cover a busted transmission, snapped axle or another one-time large expense is disconcerting. Even worse, when the same question was asked in 2015 (69% is the 2016 number), 62% of millennials fell into the $1,000 or under category. In the span of a year, 7 out of 100 millennials have joined the camp with depleted (or non existent) savings.

Part of this is likely due to outside responsibilities (housing, student loans, transportation, etc.), part of it due to relatively fewer well-paying jobs becoming available, and part of it due to a decreased importance put on saving money.

Read More: The average Millennial credit score is 640 and people wonder why new college grads can’t buy houses. Take a look at your credit score for free.

Sources: gobankrates.com, forbes.com