There Is Growing Segregation In Millennial Wealth
New research shows shockingly different trends in the fortunes of millennials.
Editor's note: This is an excerpt of Planet Money's newsletter. You can sign up here.
A few years ago, as everyone focused incessantly on millennials' apparent obsession with avocado toast, a team of researchers at the Federal Reserve Bank of St. Louis got to work investigating something much more serious: millennial wealth. They found that the typical millennial household, as of 2016, had only about $28,000 in net worth — putting them 40% behind what previous generations had in wealth at the same age (in inflation-adjusted terms). The data suggested we millennials were becoming a "lost generation," destined to be poorer than the generations that preceded us.
Baby boomers and Gen Xers have faced their fair share of calamities —.
