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.