mybudget360.com / Jan 15, 2017
It is now official that Millennials are worse off than their parents. The Federal Reserve released a study showing that Millennials are as broke as we suspected. According to the figures released Millennials earn 20% less than baby boomers did at the same stage in life. This is a major reason why so many Millennials are living at home but are also unable to save for retirement. What compounds this issue even more is that the Millennial generation is the most educated ever in the United States. What we also know is that Millennials carry the vast majority of the $1.4 trillion in student debt outstanding. This information puts our society at a fundamental crossroads in addressing the challenges faced by the young. Do we care if the next generation is worse off than the previous one?
Millennials not doing as financially well as parents
Being young and broke seems to be a common stage in life. The only difference is that Millennials are now getting into older adulthood and many are still struggling.
“(USA Today) Baby Boomers: your millennial children are worse off than you.
With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.