“Their economic fundamentals are fundamentally different,” said Christopher Kurz, an economist at the Federal Reserve.
Mr. Kurz and his colleagues last year analyzed income, debt, asset and consumption data to figure out how millennials compared at similar ages with Generation X, people born between 1965 and 1980, as well as baby boomers, those born from 1946 to 1964.
They found that millennial households had an average net worth of about $92,000 in 2016, nearly 40% less than Gen X households in 2001, adjusted for inflation, and about 20% less than baby boomer households in 1989.
Wages didn’t look much better. At the same ages, Gen X men working full time and who were heads of households earned 18% more than their millennial counterparts, and baby boomer men earned 27% more, when adjusting for inflation, age and other socioeconomic variables.
Among women, incomes were 12% higher for Gen Xers and 24% higher for baby boomers than for millennials, using the same measures.
That is from Janet Adamy and Paul Overberg at the WSJ. Note this too:
Millennials, as a group, are better educated than any generation before them. About four in 10 ages 25 to 37 hold at least a bachelor’s degree compared with about a quarter of baby boomers, and three in 10 Gen Xers when they were the same age.
You can see the problem, yes? Here is the original paper by Christopher Kurz, Geng Li, and Daniel J. Vine.