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This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
Posted on 12/5/19 at 2:39 pm
Posted on 12/5/19 at 2:39 pm
quote:
OK boomer — share the wealth.
When baby boomers (born between 1946 and 1964) hit a median age of 35 in 1990, they collectively owned 21% of the nation’s wealth.
The millennial generation will hit that 35 median age in four years and they are nowhere near owning that percentage.
In fact, this inter-generational wealth chart drawn by economist Gray Kimbrough using Federal Reserve data is a stark illustration of the yawning millennial wealth deficit.
quote:
As a whole, boomers have fared better financially than Gen Xers (born between 1965 and 1980) and millennials (born between 1981 and 1996) throughout every stage of their lives. Boomers currently boast more than half (57%) of the nation’s wealth, while Gen X owns just 16%, and millennials 3%.
Adults under 40 have been accumulating less and less wealth over the past 30 years, plummeting from owning 13% of the wealth in 1989 to less than 7% today.
Indeed, at a median age of 35, Gen Xers owned just 9% of the nation’s wealth in 2008 — less than half what boomers had at that age. And millennials will have to triple their net worth in the next four years to catch up to Generation X at 35, and increase their wealth sevenfold to catch up to boomers at that age.
That will be a difficult feat indeed considering most are saddled with student loan debt which has hit a record collective $1.6 trillion. The Federal Reserve estimates that more than a third of the 45 million Americans burdened by that debt are under 30.
Boomers must have just worked so much harder than the rest of us...
LINK
This post was edited on 12/5/19 at 2:41 pm
Posted on 12/5/19 at 2:40 pm to hubertcumberdale
inb4Millenialsdon'twork
Preemptive "Ok, Boomer"
Preemptive "Ok, Boomer"
Posted on 12/5/19 at 2:41 pm to hubertcumberdale
Get the frick out of mom and dads house and learn to code.
Posted on 12/5/19 at 2:41 pm to hubertcumberdale
It's so annoying when they complain. Just skip your daily
Starbucks and avocado toast ffs.
Starbucks and avocado toast ffs.
Posted on 12/5/19 at 2:43 pm to hubertcumberdale
If you want to blame the boomers then blame the ones that have been in congress.
Posted on 12/5/19 at 2:43 pm to hubertcumberdale
What's the German word for Boomer?
Posted on 12/5/19 at 2:44 pm to hubertcumberdale
quote:
Indeed, at a median age of 35, Gen Xers owned just 9% of the nation’s wealth in 2008 — less than half what boomers had at that age. And millennials will have to triple their net worth in the next four years to catch up to Generation X at 35, and increase their wealth sevenfold to catch up to boomers at that age.
That chart is kind of confusion, as you would expect current boomers to have more wealth than current xers or millenials.
But what I just quoted is really concerning.
But eventually the Boomers will die. I'm curious how much of that wealth will be left, when they do. This may be just a delay in wealth transfer because Boomers won't die and won't quick working (compared to whom the Boomers inherited their wealth from)
Posted on 12/5/19 at 2:45 pm to hubertcumberdale
Businesses are going to reap benefits when boomers die
Posted on 12/5/19 at 2:45 pm to hubertcumberdale
Wouldn’t we expect the boomers to have a larger portion of the wealth because they are the largest group?
This seems like some statistical trickery. Why don’t they show the average per person.
This seems like some statistical trickery. Why don’t they show the average per person.
Posted on 12/5/19 at 2:45 pm to hubertcumberdale
I'm happy to be an Xer. It's fun watching boomers and millennials
Posted on 12/5/19 at 2:46 pm to hubertcumberdale
I was born in 1988, I don't understand how I'm a millennial.
Posted on 12/5/19 at 2:46 pm to hubertcumberdale
It sucks because all the millennial and gen xer kids were told by their parents "just get a degree - any degree" because if you had a degree in '82, you were qualified for damn near any job that didn't require specialized training.
Now, you better damn well know what job you want before you get a degree or you'll be slinging hot wings at executives or working some other dead end job barely paying off your student loans.
Most of the wealth gap is student loans, the other part of the gap is most likely the negative wage growth experienced by our two generations. You might "make more" than your parents did at your age, but they had more money than you.
Now, you better damn well know what job you want before you get a degree or you'll be slinging hot wings at executives or working some other dead end job barely paying off your student loans.
Most of the wealth gap is student loans, the other part of the gap is most likely the negative wage growth experienced by our two generations. You might "make more" than your parents did at your age, but they had more money than you.
Posted on 12/5/19 at 2:46 pm to hubertcumberdale
It's almost as if age/time is a significant factor in wealth creation. Who would have ever thought of such a thing?
Posted on 12/5/19 at 2:47 pm to WaWaWeeWa
Boomers also started their career earlier.
How many boomers were getting art majors then going back for a masters then finally getting real training after they realized they didn’t learn a single useful task after 35 years of schooling
Vs a boomer who went straight into a plumbing or carpentry apprenticeship out of high school
How many boomers were getting art majors then going back for a masters then finally getting real training after they realized they didn’t learn a single useful task after 35 years of schooling
Vs a boomer who went straight into a plumbing or carpentry apprenticeship out of high school
Posted on 12/5/19 at 2:47 pm to Slagathor
quote:
It's so annoying when they complain. Just skip your daily
Starbucks and avocado toast ffs.
I think the problem is much deeper than the $11 millions/yr avocado toast industry
Americans Are Spending at Least $900,000 Per Month on Avocado Toast, According to Square
Posted on 12/5/19 at 2:47 pm to Jcorye1
And this is why everyone thinks millenials are dumb
Posted on 12/5/19 at 2:48 pm to ShoeBang
quote:
It sucks because all the millennial and gen xer kids were told by their parents "just get a degree - any degree" because if you had a degree in '82, you were qualified for damn near any job that didn't require specialized training.
Wow, your parents were dumb.
My pops told me to learn a trade, get in union, and retire with a nice pension, and money in the bank. I went Union route, but Chrysler and made nice jack at 18.
Posted on 12/5/19 at 2:48 pm to ShoeBang
quote:
It sucks because all the millennial and gen xer kids were told by their parents "just get a degree - any degree" because if you had a degree in '82, you were qualified for damn near any job that didn't require specialized training.
Now it's just get a STEM (or business) degree.
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