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American Millennials Think They Will Be Rich – Data Suggest They Probably Won't

posted by Fnord666 on Tuesday April 23 2019, @12:15PM   Printer-friendly
from the would-you-like-fries-with-that? dept.

Arthur T Knackerbracket has found the following story:

More than half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires; one in five think they will get there by the age of 40. These are the findings from a survey conducted in 2018 by TD Ameritrade, a financial-services company.

But a working paper by the Brookings Institution, a think-tank, offers a sobering antidote to this youthful optimism. It finds that millennials are less wealthy than people of a similar age were in any year from 1989 to 2007. The economic crisis of 2008-09 hit millennials particularly hard. Median household wealth in 2016 for 20- to 35-year-olds was about 25% lower than it was for the similar-aged cohort in 2007.

[...] But all is not lost. Millennials are living longer and are the best-educated generation in history. Taken together, this could yet mean that the youngest millennials, who have been less scarred by the crisis, could contribute towards their retirement pots for longer. Then there is mum and dad: even if they don’t become millionaires, millennials will one day inherit from their parents, and that may help redress their relative poverty.

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  • (Score: 5, Insightful) by driverless on Tuesday April 23 2019, @01:22PM (3 children)

    by driverless (4770) on Tuesday April 23 2019, @01:22PM (#833823)

    More than half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires

    Of course they do, they've been repeatedly told they'll be winning so much, at every level, they'll get tired of winning [youtube.com].

    Come to think of it, after the current presidency comes to an end and the chickens come home to roost, everyone may well be millionaires, taking their weekly paycheck home in the form of a wheelbarrow full of money [wordpress.com]. Now that's winning!

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  • (Score: 0) by Anonymous Coward on Tuesday April 23 2019, @03:21PM

    by Anonymous Coward on Tuesday April 23 2019, @03:21PM (#833878)

    itym whining

  • (Score: 1) by Sulla on Tuesday April 23 2019, @04:26PM

    by Sulla (5173) on Tuesday April 23 2019, @04:26PM (#833901) Journal

    At least for me this has been nonstop winning for my retirement and ability to buy a home. Retirement has nearly tripped and I was able to buy my first home at 3.85%. Feelin like a 29 year old boomer.

    --
    Ceterum censeo Sinae esse delendam

  • (Score: 4, Funny) by etherscythe on Tuesday April 23 2019, @09:05PM

    by etherscythe (937) on Tuesday April 23 2019, @09:05PM (#834042) Journal

    You'll need that phablet to have a screen big enough to display all the 0's. Stylin'.

    --
    "Fake News: anything reported outside of my own personally chosen echo chamber"