Those Born In The 1980s Are Officially The Brokest Generation “Millennials have vastly less wealth than previous generations, and are worse off than Gen X.” 😩😩😩
Thanks to the recession, millennials born in the 1980s have vastly less wealth thanIt’s no secret that millennials get a lot of blame for a lot of things. If the headlines are to be believed, we’re responsible for the deaths of chain restaurants, napkins, diamonds, even divorce, as if that’s a bad thing. We’ve tried unsuccessfully to convince everyone we aren’t just murdering industries willy nilly;new study by economists from the Federal Reserve Bank of St.
looked at different generations, and how their wealth now compares to people of a similar age group in the past. While pretty much everyone born after 1960 is worse off than the people born before that year, the brokest generation by aNow, we know Gen X is gonna come for us with pitchforks raised and torches blazing over this. They got caught up in the housing bubble,had to raise kids through the recession. They certainly didn’t come out of that unscathed.
We don’t really need to be told that we’re poorer than previous generations. Boy, do we know it. But the numbers paint a starker and more shocking picture of what we’re actually up against. According to the study, the reasons are pretty much the housing market and our debt, namely, student debt.
And it doesn’t sound like a situation that will come with a quick fix — in fact, it might never fully resolve for those born in and around the Reagan years. The study says 80’s babies could very well become “members of a lost generation for wealth accumulation.”The authors behind the study do mention that they’re hopeful that millennials will be able to crawl out of this situation based on the fact that they’re also the most educated generation ever.