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Started By
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Millennials are the biggest — but poorest — generation
Posted on 12/1/19 at 9:37 pm
Posted on 12/1/19 at 9:37 pm
quote:
Millennials became the biggest U.S. generation this year, numbering some 73 million people. In terms of wealth, by contrast, they're still living in the shadow of previous generations.
Despite making up nearly a quarter of the population, millennials — defined as those born between 1981 and 1996 — own a scant 3% of the country's wealth, according to the Federal Reserve's Survey of Consumer Finances. In comparison, when baby boomers were the age millennials are today (around 1989), they controlled 21% of all national wealth. Generation-X'ers at the same age (in 2004) held 6%.
LINK
This post was edited on 12/1/19 at 9:58 pm
24
Posted on 12/1/19 at 9:38 pm to RLDSC FAN
But I thought all they did was save their money?
Posted on 12/1/19 at 9:38 pm to RLDSC FAN
All those liberal arts degrees
Posted on 12/1/19 at 9:39 pm to RLDSC FAN
Thanks Boomers.
Posted on 12/1/19 at 9:39 pm to RLDSC FAN
Based on? Seems like you’d need access to a shite ton of non-public info to make these claims
Posted on 12/1/19 at 9:40 pm to RLDSC FAN
quote:
Millennials are the biggest
As in fattest, too.
Posted on 12/1/19 at 9:41 pm to RLDSC FAN
quote:
when baby boomers were the age millennials are today (around 1989), they controlled 21% of all national wealth. Generation-X'ers at the same age (in 2004) held 6%.
There it is.
Posted on 12/1/19 at 9:43 pm to RLDSC FAN
quote:
Millennials are the biggest
So many fat fricks that should be in prime.
Posted on 12/1/19 at 9:45 pm to Philzilla2k
quote:
All those liberal arts degrees
Posted on 12/1/19 at 9:46 pm to RLDSC FAN
This article uses a VERY dubious measurement of rich v poor: Net wealth
under such logic, a taco bell employee is much richer than a doctor fresh out of school who owes hundreds of thousands.
Except nobody would argue the former is richer than the latter.
under such logic, a taco bell employee is much richer than a doctor fresh out of school who owes hundreds of thousands.
Except nobody would argue the former is richer than the latter.
quote:
The Chinese tend to have large personal savings as a percentage of household income, but that doesn’t make them richer than Americans who have negative household savings — not in the way that we commonly understand the terms “rich” and “poor”. Wealth, and net worth, are useful metrics when you’re talking about the rich. But they tend to conceal more than they reveal when you’re talking about the poor.
Posted on 12/1/19 at 9:46 pm to RLDSC FAN
Boomers suck and hoard wealth. They'll start dieing soon. Thankfully.
Posted on 12/1/19 at 9:50 pm to RLDSC FAN
quote:
Millennials are the biggest — but poorest — generation
Most self- obsessed as well, apparently.
What will they do with themselves if they ever get a little wealth? What will they find to brood over if they can’t cry about their shitty financial situation?
Posted on 12/1/19 at 9:56 pm to Nguyener
1980 is millennial. Not sure why it starts in 1981. Seems odd.
Posted on 12/1/19 at 10:35 pm to RLDSC FAN
Posted on 12/1/19 at 10:42 pm to RLDSC FAN
Well as a millennial, I am sure that I am not the only one with a net negative worth since I am carrying some student loan debt for my STEM degree but I stand to inherit an incredible amount from my boomer parents. Is this how it works or am I supposed to built this on my own?
Posted on 12/1/19 at 10:44 pm to RLDSC FAN
okay, boomer
Posted on 12/1/19 at 10:52 pm to lsuwontonwrap
okay, boomer
Posted on 12/2/19 at 5:44 am to Paul Allen
I know several. Always complain about being broke but always have enough money for booze, drugs, music concerts, gaming devices, iPhones, iPads, tv, etc., etc.. Some of them aspire to rent and Uber the rest of their life to have as little personal responsibility as possible. Just floating through life.
Posted on 12/2/19 at 6:02 am to RLDSC FAN
Posted on 12/2/19 at 6:30 am to Thib-a-doe Tiger
The Federal Reserve’s Survey of Consumer Finances.
It says that in literally the second paragraph of the article. Check it out before summarily dismissing the conclusion.
It says that in literally the second paragraph of the article. Check it out before summarily dismissing the conclusion.
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