Study: Are millennials worse off than baby boomers were at the same age? (2024)

FAQs

Study: Are millennials worse off than baby boomers were at the same age? ›

When looking at baby boomers—currently aged 59 to 78—the researchers found economic outcomes a bit more mixed. While it's true the average millennial has 30% less wealth at age 35 than boomers at the same age, the richest 10% of millennials have 20% more wealth than the richest boomers did.

About half of millennials feel they're living in the worst economic environment in the last century. The survey found: About half of millennials feel it's them who's suffered the most, the next most popular answer was the greatest generation (aged 74-91). Boomers and Gen X run a distant third and fourth.

Not just growing pains: Gen Z reports suffering more than other generations did at their age. A new study from Gallup shows a crushing youth mental health crisis, because teens are more tuned in than ever.

Baby boomers are the eldest, born between the years 1946 and 1964. Generation X follows, and they were born between 1965 and 1980. Next comes Generation Y (more commonly known as Millennials), born between roughly 1981 and 1994.

Collectively, baby boomers benefited a great deal from America's economic growth over the second half of the 20th century. The economy boomed in their childhoods as the U.S. became a superpower, and as adults, they had an easier time buying low-cost housing than their children or grandchildren would.

Millennials (and the kids born after them) are currently being called the “unhealthiest generation” in human history—facing diagnoses, mysterious illnesses and conditions that our ancestors or their parents never faced.

Gen Z workers also report the highest rates of wanting to quit their jobs within the last three months compared to all other generations. In addition to feeling the least engaged in work, Gen Z also finds their responsibilities uninspiring.

By the numbers: Gen Z — people roughly between the ages of 12 and 27 —reports the poorest mental health of any generation, according to a recent Gallup and Walton Family Foundation report. Just 44% of Gen Zers say they feel prepared for the future.

Although the stress of experiencing a continuing polycrisis affects people of all demographics, recent research from GlobeScan shows that Gen Z respondents across 31 countries and territories are more than twice as likely to say they frequently experience stress and anxiety than are Baby Boomers and older.

What generation has the most wealth? ›

Baby boomers have the most wealth among four recorded generations. Other generations have less wealth, but it's not necessarily an indication of financial problems. Plan for upcoming economic issues such as higher housing and medical costs by investing early.

The price of everything, from a sack of flour to a winter coat, keeps climbing every year. Since 1970, the Consumer Price Index saw a 500%-plus increase. Even after adjusting for inflation, today's dollar buys a whole lot less than it did 50 or even 25 years ago.

Still, over the next decade this intergenerational transfer could make millennials “the richest generation in history,” according to the annual Wealth Report by global real estate consultancy Knight Frank. These funds come at a time when millennials and Gen Zers are having a harder time making it on their own.

Not all are rich, but in aggregate they have amassed great wealth, owing to a combination of falling interest rates, declining housebuilding and strong earnings. American baby-boomers, who make up 20% of the country's population, own 52% of its net wealth, worth $76trn (see chart 1).

But in reality, research echoes that the youngest generation of workers really do have it worse financially. A new study from credit reporting agency TransUnion found those in their early 20s are earning less, have more debt and see higher delinquency rates than millennials did at their age.

By the numbers: Gen Z — people roughly between the ages of 12 and 27 —reports the poorest mental health of any generation, according to a recent Gallup and Walton Family Foundation report. Just 44% of Gen Zers say they feel prepared for the future.

Does Gen Z struggle more with mental health than millennials? New polling shows signs of a shift. Compared with older generations today, members of Gen Z are much more likely to report experiencing negative emotions such as stress, anxiety and loneliness, according to a new study.

Although the stress of experiencing a continuing polycrisis affects people of all demographics, recent research from GlobeScan shows that Gen Z respondents across 31 countries and territories are more than twice as likely to say they frequently experience stress and anxiety than are Baby Boomers and older.