Baby boomers have gotten wealthier and millennials have lost wealth as compared to similarly aged counterparts 20 years ago.
According to Federal Reserve data analyzed by MagnifyMoney, baby boomers and millennials are now farther apart in wealth than comparable generations 20 years ago. Today's baby boomers are slightly wealthier than people in their 50s and 60s were 20 years ago, while millennials are less wealthy than their age group 20 years ago. The main factor keeping millennials from building their net worth at the pace of their parents' generation is clear: Millennials hold a large amount of debt.
According to Federal Reserve data analyzed by MagnifyMoney, baby boomers and millennials are now farther apart in wealth than comparable generations 20 years ago. Today's baby boomers are slightly wealthier than people in their 50s and 60s were 20 years ago, while millennials are less wealthy than their age group 20 years ago. The main factor keeping millennials from building their net worth at the pace of their parents' generation is clear: Millennials hold a large amount of debt.
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