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hubertcumberdale
LSU Fan
Member since Nov 2009
1865 posts

This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
Image: https://pbs.twimg.com/media/EKKmm93WwAMWQQc?format=jpg&name=small


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...

Image: https://pics.me.me/thumb_homosexuals-derast-not-l-memecrunch-com-borat-not-jokes-52959332.png


LINK
This post was edited on 12/5 at 2:41 pm


Henry Jones Jr
Ole Miss Fan
Member since Jun 2011
55517 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
inb4Millenialsdon'twork

Preemptive "Ok, Boomer"


SeeeeK
Missouri Fan
St.Louis
Member since Sep 2012
18106 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
Get the frick out of mom and dads house and learn to code.



Grassy1
LSU Fan
alligator bayou
Member since Oct 2009
4862 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
Work ethic.


Slagathor
Makin' jokes about your teeny tiny
Member since Jul 2007
27053 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
It's so annoying when they complain. Just skip your daily
Starbucks and avocado toast ffs.


JetsetNuggs
Chicago Cubs Fan
New Orleans
Member since Jun 2014
6747 posts
 Online 

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers


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191
Maytheporkbewithyou
Arkansas Fan
Member since Aug 2016
7548 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
If you want to blame the boomers then blame the ones that have been in congress.


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731
AlonsoWDC
Memphis Fan
Memphis, where it ain't Ten-a-Key
Member since Aug 2014
5656 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
What's the German word for Boomer?


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
18790 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
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)


21JumpStreet
Texas Tech Fan
Member since Jul 2012
11223 posts
 Online 

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
Businesses are going to reap benefits when boomers die


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355
WaWaWeeWa
Member since Oct 2015
6077 posts
 Online 

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
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.


GumboPot
USA Fan
Member since Mar 2009
75225 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
I'm happy to be an Xer. It's fun watching boomers and millennials


Jcorye1
Detroit Mercy Fan
Tom Brady = GoAT
Member since Dec 2007
56296 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
I was born in 1988, I don't understand how I'm a millennial.


ShoeBang
New Orleans Pelicans Fan
Member since May 2012
11157 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
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.


MSMHater
Houston Astros Fan
Houston
Member since Oct 2008
21447 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
It's almost as if age/time is a significant factor in wealth creation. Who would have ever thought of such a thing?


WaWaWeeWa
Member since Oct 2015
6077 posts
 Online 

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
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


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464
hubertcumberdale
LSU Fan
Member since Nov 2009
1865 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
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


21JumpStreet
Texas Tech Fan
Member since Jul 2012
11223 posts
 Online 

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
And this is why everyone thinks millenials are dumb


SeeeeK
Missouri Fan
St.Louis
Member since Sep 2012
18106 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
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.



GumboPot
USA Fan
Member since Mar 2009
75225 posts

re: This depressing chart shows the jaw-dropping wealth gap between millennials and boomers
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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