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The economically lost generation of Millennials: taking a look at net worth data, living arrangements, and student debt.
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The economically lost generation of Millennials: taking a look at net worth data, living arrangements, and student debt.
Posted by mybudget360
Young Americans probably missed the memo regarding the economic recovery that has been taking place since 2009. Apparently massive student debt, living at home, and a market full of low-wage jobs isn’t exactly the picture perfect ideal of a booming economy. Millennials are facing an uphill battle.
The market has virtually eliminated the pension system and has reduced benefits to the barebones for most workers. All of a sudden a large army of Americans are part of the “Uber” economy of freelance workers. You have two systems clashing with one another when many baby boomers are trying to unload their assets to another generation that is simply not as wealthy or economically secure.
The recovery has been anything but even and the brunt of the financial damage has been taken on by the young. If we look at the figures it paints a picture of a lost generation financially for young adults.
Net worth
When you think of wealth net worth should be the first thing that comes to your mind. This is your assets minus your liabilities.
However, many young Americans with massive student debt start out life in the negative equity column. The road to wealth building takes years and starting with tens of thousands of dollars in student debt is unlikely to be healthy.
Take a look at changes in net worth broken out by age brackets. The young are losing major ground here……more here
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