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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: 0) by Anonymous Coward on Tuesday April 23 2019, @04:57PM

    by Anonymous Coward on Tuesday April 23 2019, @04:57PM (#833915)

    Not in the UK, I've never heard of roofs having to be replaced (except for thatched or flat ones). Occasional loose/cracked tile after a storm sure, and I expect they probably are after 100-150 years or so, vast majority of houses in UK are under 100 years old though.

    Houses in the US are covered with layers of flat asphalt shingles, some newer more expensive roofs are metal plate, some older expensive ones are slate shingles. European style tile is expensive unobtanium, unless you live out west.

    The cheap regular asphalt roofs have a lifetime of maybe 20 years or so, and cost around $10k to redo. Most people don't plan on staying in the same home for 20 years, so that is what they install. When buying a house you ask when the previous owners replaced the roof, and you do a mental calculation of value for remaining expected life.