Millennials have seen a decrease in net worth compared to the same-aged cohort 20 years ago, while baby boomers have seen an increase, says a study.
of Federal Reserve data on household assets and liabilities . That means that baby boomer households in 2016 had twelve times the net worth of millennial households.
A gap in wealth between these age groups makes sense because baby boomers have had more time than millennials to accumulate wealth — but comparing that wealth gap to those of previous generations shines a new light on the findings. In 1998, the average household aged 20 to 35 had a net worth of $103,400, while households aged 52 to 70 had a net worth of $747,600, MagnifyMoney found — roughly seven times more than the younger households.
That means the wealth gap between older households and younger households has nearly doubled in the past 20 years, climbing from seven to twelve times the net worth. In that time frame, the average net worth for households ages 20 to 35 has declined by $2,600, while households ages 52 to 70 have seen a $452,400 increase in net worth.is one's entire personal assets minus all their liabilities. MagnifyMoney's analysis reveals that millennials have more liabilities — debt — than any other age group studied.
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