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from the would-you-like-fries-with-that? dept.
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.
(Score: 4, Interesting) by ants_in_pants on Tuesday April 23 2019, @02:51PM (3 children)
I know literally nobody who thinks they will be rich, most people joke about how poor they are and how impossible it is to crawl out of debt.
-Love, ants_in_pants
(Score: 1, Touché) by Anonymous Coward on Tuesday April 23 2019, @03:12PM
dude, didn't you know that asking a few people that aren't in the group you're writing about, and then making up the rest, is common?
It's not like science, where you just pay some company to publish papers and positive reviews. These guys just have to make it up enough to profit from advertising this month until the next article about millenials being upset that gas shortages and border fences are causing avacados to over-ripen on the truck coming in from Mexico because it was filled with legal stuff and it caused a bunch of PR issues that there were no caravans of militant welfare mothers strapped inside giving birth due to being over-ripened themselves.
(Score: 1, Insightful) by Anonymous Coward on Tuesday April 23 2019, @06:19PM
Just more divisive propaganda to radicalize the young/old voting blocks.
(Score: 1) by nitehawk214 on Tuesday April 23 2019, @08:40PM
I bet kids of rich parents think they will be rich. Hell, most of them will until they piss their trust funds away.
"Don't you ever miss the days when you used to be nostalgic?" -Loiosh