Sunday, 15 January 2017

Millennial Generation Finds Things Harder

A recent study of US Reserve Data shows that millennials are financially worse off than their parents were at the same time of life.

Despite higher rates of education, millennials are earning around 20% less than their parents were at the same age. At the age of 28 many baby boomers were earning wages sufficient to pay off a house while bringing up young children. Those children today are renting apartments, earning less money, paying off education debts and thinking of having children later.

Education levels have certainly risen although millennials with a degree are only earning slightly more than a baby boomer was without a degree.

Baby boomers can have sympathy for the difficulties being experienced by their children although the likely impact on their own lives can't be ignored. Baby boomers rely on millennials to pay the taxes that support their social security and medical payments and provide the economic stimulus that supports financial investments.