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Its not just a case of where you're born but when! "Overall, millennials earn 20% less than baby boomers did at the same stage of life, according to “The Emerging Millennial Wealth Gap,” a recent report from the nonprofit, nonpartisan think tank New America. Specifically, median earnings for those 18 to 34 are lower than they were in the 1980s, a disparity that was first noted in a 2017 report from the non-profit Young Invincibles. And the flow of today’s paychecks is less predictable due, in part, to the effects of the Great Recession and a rise in contract and freelance positions that may be less consistent in hours and pay."

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Druss

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@Druss • 4 Years Ago

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Its not just a case of where you're born but when! "Overall, millennials earn 20% less than baby boomers did at the same stage of life, according to “The Emerging Millennial Wealth Gap,” a recent report from the nonprofit, nonpartisan think tank New America. Specifically, median earnings for those 18 to 34 are lower than they were in the 1980s, a disparity that was first noted in a 2017 report from the non-profit Young Invincibles. And the flow of today’s paychecks is less predictable due, in part, to the effects of the Great Recession and a rise in contract and freelance positions that may be less consistent in hours and pay."

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0xJeff.eth 🕊️

@ProtegeAA • 4 Years Ago

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I'd be interested to see what this looks like if we take away home equity from net worth calculations. Being able to afford a home (which long term low interest rates have made very difficult) is a major factor in accumulating wealth over a long period of time. I'm actually optimistic for Millenials as many are still young enough to pivot into a new career...so long as they're willing to do more traditionally blue collar work.

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0xJeff.eth 🕊️

@ProtegeAA • 4 Years Ago

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I'd be interested to see what this looks like if we take away home equity from net worth calculations. Being able to afford a home (which long term low interest rates have made very difficult) is a major factor in accumulating wealth over a long period of time. I'm actually optimistic for Millenials as many are still young enough to pivot into a new career...so long as they're willing to do more traditionally blue collar work.

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@DrEllisJaruzel • 4 Years Ago

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More than earnings, Boomers had about 7x the wealth that Millennials have at a comparable time. So while Millennials are earning less, they have even less. Say Millennial (M) earns 20% less than Boomer (B), but also has another 10-20% less due to debt load, and another 10-20% less due to healthcare costs and makes the (reasonable) decision to rent given precarious job market and likely top of market in homes, M is now accumulating far less wealth B. Forward this scenario for several decades and the disparity between M and B will be several multiples of actual wealth.

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@DrEllisJaruzel • 4 Years Ago

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More than earnings, Boomers had about 7x the wealth that Millennials have at a comparable time. So while Millennials are earning less, they have even less. Say Millennial (M) earns 20% less than Boomer (B), but also has another 10-20% less due to debt load, and another 10-20% less due to healthcare costs and makes the (reasonable) decision to rent given precarious job market and likely top of market in homes, M is now accumulating far less wealth B. Forward this scenario for several decades and the disparity between M and B will be several multiples of actual wealth.

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This is another great point, they have traded accumulating capital for accumulating debt.

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This is another great point, they have traded accumulating capital for accumulating debt.