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Are millennials the wealthiest generation? You better believe it.

16 2 16
14.01.2022

Millennials spent their early adulthood dogged by two large recessions, rising housing prices and exploding student debt. It’s no wonder they’re less likely, even as they approach 40, to have many of the traditional trappings of adulthood, including marriage and homeownership.

But a closer look at the data and a more inclusive definition of wealth reveals this often-maligned group is doing quite well. In fact, most are doing better than previous generations.

In modern history, each generation has typically been richer than the last. If millennials are falling behind, it could be a sign of the end of a multigenerational boom in prosperity. But comparing generations is hard. In large part because as the world changes, so do the markers of success and we make different choices to thrive.

In other words, things are different since the baby boomers were young. Getting paid a decent salary and having stability now often requires some education or training beyond high school. For most, thriving in a career means living in a large metropolitan area that offers better job options and a network of talented peers that further your skill set. Millennials also need to invest and save for themselves for retirement. It’s debatable whether all these changes are positive. But when you consider them as a whole, millennials’ portfolios don’t look so........

© The Japan Times


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