The data suggest they probably won’t be
MORE THAN half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires; one in five think they will get there by the age of 40. These are the findings from aby the Brookings Institution, a think-tank, offers a sobering antidote to this youthful optimism. It finds that millennials are less wealthy than people of a similar age were in any year from 1989 to 2007. The economic crisis of 2008-09 hit millennials particularly hard.
Aby the Federal Reserve, published last year, found that millennial household incomes were 11% lower than they were for people in Generation X at a comparable age; they were 14% lower than for baby boomers at the same point in their lives. A growing number of young people have taken on debt to finance their studies. And because real wages have not kept up withWorse still, the Brookings paper reports that young people’s prospects for accumulating wealth in old age are grim.
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