On Thursday, Young Invincibles released a troubling update to their report, “The Financial Health of Young America: Measuring Generational Declines Between Baby Boomers & Millennials.” This report includes a cross-generational study of the financial well-being of Millennials today versus Baby Boomers when they were in their adolescence. The update covers the economic challenges facing millennials age 25 to 34 between 2013 and 2016.
Despite the fact that this is the second most extended economic expansion/central bank induced channel of financial capital into speculation and financialization, the update reveals how the millennial generation has transformed into the lost generation, as their financial security has eroded late in the business cycle.
For the first time, young adults age 25 to 34 with college degrees and student loans have a median net wealth of negative $1,900, said the advocacy group.
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ex. Jake Day is jobless and living in daddy's house and the dumb a$$ went ahead and had 2 kids that he can't afford. Good thing his daddy will take care of his grandchildren and his wife has a good job with the school board.
ReplyDeleteDebt is bad, learn to live within your means.
ReplyDeleteFirst time ever? I had negative net worth for the first 10 years out of college 30 years ago.
ReplyDeleteIt's just worse now. Not for me but for my kids.
Our future leaders..............God help us ALL!
ReplyDeleteAnother study says that Millennials are the least intelligent of all generations previous.
ReplyDeleteI don't believe it has anything to do with student loans. My family member is a Dr in a small town. Has student loans. Beautiful house 1 child travels all the time. I mean cruise. Beach vacation, Iceland Ireland, Key west. I could go on. Doesn't seem to have any financial problems. They are not from a wealthy family. Dad never worked a day in his life.
ReplyDelete