The Young Invincibles recently released a report which examined the financial health of young Americans in 1989 (i.e. Boomers -) to today’s young Americans (known as Millennials). Sadly, it’s not a pretty picture for Millennials as Boomers had higher incomes, owned more homes and had double the net assets that Millennials have today. Some key findings of the report are:
- Millennials have earned a net wealth half of about that of Boomers at the same age.
- Young adult workers earn $10,000 less than young adults in 1989 – a decline of 20%.
- When Boomers were young adults, they owned twice the amount of assets as today’s young adults.
- Young African Americans’ median wealth declined by a third since 1989.
The report makes several recommendations and does emphasize that college continues to be a good investment. The American Dream is not dead – hard work and perseverance will pay off, but for many Millennials it may seem the goal posts have been moved.