Researchers at the St. Louis Federal Reserve were tired of trying to decipher contradictory evidence on Millennial finances, so they decided to run their own study. The researchers compared Millennials’ 2016 finances to (same age) Gen-Xer finances in 2001 to get an idea of their relative financial well-being. Here are the key takeaways from the study:
- Millennials and Generation X were the youngest working generations in 2016 and 2001, respectively. How do their balance sheets compare?
- Because of fewer assets and more debt, millennial households had an average net worth of about $90,000 in 2016 versus $130,000 for Generation X households in 2001.
- Spending more time in school and delaying marriage and other major life events may explain why millennials have a lower net worth.
You can read more about the study here.
E.J. Smith - Your Survival Guy
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