Despite Millennials’ net worth quadrupling, this generation still feels financially unwell.
Take it from a Millennial herself: we are not okay, despite what these numbers might say. I mean, many of us can barely afford to pay rent, purchase a home, or even buy groceries without panic-checking our bank accounts.
Yet, just last year, the St. Louis Federal Reserve published its analysis of data from 2022, which showed that the median wealth of older millennials was 37 percent above expectations, while the median wealth of younger millennials was 39 percent above expectations.
Additionally, according to data from the Federal Reserve (as reported by CNBC), Millennials are now worth $15.95 trillion—around four times their worth five years ago.
Millennials’ Net Worth Quadrupled—Yet We Can Barely Afford to Purchase a Home
So why, exactly, are Millennials feeling so financially depleted?
Inflation and instability, according to Brett House, an economics professor at Columbia Business School.
“It’s harder for every generation to feel financially comfortable when the management of so much risk related to employment, healthcare, retirement pensions, insurance, and other components of economic well-being has been shifted to individuals during a period of rapidly rising prices,” House told CNBC.
Not only that but Millennials are plagued with the fastest-growing debt load of any generation.
It’s hard to feel like you’re rich when you’re still paying off student loans, car payments, mortgages, and other life expenses.
It must’ve been all that avocado toast we ate back in the day.
The post Millennials’ Net Worth Quadrupled—And We’re Still Broke appeared first on VICE.
