Millennials became the biggest U.S. generation this year, numbering some 73 million people. In terms of wealth, by contrast, they're still living in the shadow of previous generations.
Despite making up nearly a quarter of the population, millennials — defined as those born between 1981 and 1996 — own a scant 3% of the country's wealth, according to the Federal Reserve's Survey of Consumer Finances. In comparison, when baby boomers were the age millennials are today (around 1989), they controlled 21% of all national wealth. Generation-X'ers at the same age (in 2004) held 6%.
And it's not simply that millennials aren't amassing much wealth — they're also sinking deeper into debt, carrying a disproportionately high 16% of the nation's liabilities, the Fed data show.
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17 comments:
How can they? Look what they have inherited. Mass taxes. Mass incarceration. Huge inflation. Addiction. Lack of education.
Many are addicts. Many have degrees in nonsense. Many have degrees that are worthless.
The generation is definitely a turning point in this country on a number of levels.
They are the biggest crybabies and whiners!
Tattoo artists are doing well.
They are the poorest, because they won't work!! Everything is about me, me, me,i.e. gimme, gimme, gimme.
Mindful of the 60's era; make love not war, free everything, get high, no worries.
To bad the generation that raised them,won't be around to save them. Better wake up snowflakes,mom and dad's basement will be gone one day.
@ November 26, 2019 at 11:40 PM
Add to that unbelievable low wages, the complete dismantling of workers rights, the cost of cars and houses are astronomically higher than that of previous generations.
This is a problem of the haves vs have nots... and the gap getting larger and larger. The "haves" have taken a stranglehold on government and bought their way to legislative victory.
Health care is completely affordable, and a racket.
There aren't pensions anymore.
Many of the protections that allowed Boomers to prosper are just not available.
The hand to mouth generation
The hand to mouth generation
Correct 7:59!
Those that want to work are screwed! Got to have that overpriced garbage degree and start in debt to get anywhere. Regulations crushed the good jobs and taxing is out of control. Blame this on the miss-management of our tax money and crumbling morals. Politicians only care about themselves and the power grab, they could care less about any generation!
I disagree with several of your comments. Number one is there are jobs with pensions and many have a good matching 401K plan if not a pension and some have both.
In our local area houses and cars are affordable if you don’t insist on having the biggest and the best.
Cars last much longer today than they did 40 years ago but for some reason people think they need to get a new one every 5 years. If people start to live within their means and teach their children to do so the future for their children will look much brighter.
Yeah because they love taxes and are to stupid to stop them...
No better time to Unionize than now. Wake up folks, corporate greed is stealing this country from the very ones who made it great, the hard working middle class
I and many other boomers came from poor families and worked hard for what we have. Can you even imagine not having a telephone in your home less a cell phone - luxury that could not be afforded. This is not a potty me sad story. I mention this only to let you know that you have to work for what you want. I never obtained a college degree (useless one or not) but have owned 5 homes over the years. Never received 1 cent from family to do so. Success is what you make it. Too easy to pull out that credit card for an 8.00 cup of coffee at Starbucks. $8.00 dollars for 1 cup of coffee a day for 7 days is 56.00. You could take out a loan for a car for the same amount you pay for coffee for 1 month. Cells phones every 6 months at 1,000. There is no wonder you are poor. Change your life style then talk about unfairness.
The problem is the currency itself.
The Fed prints the debt but never prints the interest on the debt.
Save your wealth in gold, silver, and other commodities that you will use up during your lifetime.
Check out of the banking system
9:41
You are recommending a currency-free lifestyle which is interesting. Get paid in currency, but then use it up quickly and convert savings into commodity stockpiles.
Do not possess US Dollars if you will
Very interesting
9:41 is actually smarter than you are giving credit. The fiat currency you all know as the US dollar has steadily depreciated since the boomers accumilated their asset bases. People today will never see their dollar go nearly as far as the generation of baby boomers did. Coupled with enormous tax burdens and ever climbing inflation this country never will. Invest in stocks and bonds every 9 or 10 years when the cycles are right then sell off and buy commodities like gold or silver. Its a no brainer if you have any idea of what the federal reserve is doing to the people of the united states. Now is not a time you want to be cash flush in US currency. Dont say i didn't warn you. Whoever mentioned a 401k is just plain clueless at what kind of interest dividend scheme that is for banks lol
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