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.
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E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at email@example.com To sign up for my free monthly Survive & Thrive letter, click here.
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