When Generation X was the age of millennials, they had significantly more financial assets – more even than the Boomer…
When Generation X was the age of millennials, they had significantly more financial assets – more even than the Boomer generation before them, according to a new report by the Federal Reserve Bank.
If any generation could be called “entitled,” it might have been Gen Xers – if it were not for the typically large debt that ultimately crushed their chances of wealth.
By the numbers: More than half of Gen Xers owned homes when they were 21 to 36, around the age of millennials today. Just 33.9% of the same age group in 2016 owned homes, the Fed said.
The bottom line: With the financial crash, the investments that Gen Xers made when they were young still have not really paid off, according to Emmons, and ultimately left them worse off.
Millennials may not bear the same risk as Gen Xers did, but they still have trouble accumulating wealth, partly because of student debt.