Millennials Are The Brokest Generation & Probably Dumbest Too

The Brokest Generation & Probably Dumbest

Millennials don’t like buying cars. We don’t save for retirement because we spend too much money eating out. We killed canned tuna and American cheese. The common theme running through many of these pieces is that millennials’ spending decisions aren’t driven merely by financial circumstances, but also changing tastes. We treasure avocados and walkable cities and prefer spending on data plans than car payments.

Millennial consumption versus previous generations. Graph: Real Average Annual Expenditures per Household by Age and Generation

The Great Recession had left masses of young people unemployed or underpaid while college grads were staggering under unheard-of student debt loads. But we also argued that, in the future, millennials might buy fewer, as not to mention smaller, houses and cars, for cultural and technological reasons. Young people liked urban, walkable neighbourhoods, and the sharing economy made buying a ride less necessary (Zipcar featured prominently in the story, I shudder to tell you). There was a shift in the zeitgeist underway among our peers, we insisted, and that could have implications for the shape of the economy. Slate

Millennials Are The Brokest Generation?

Pew has more detailed numbers, showing that the average millennial-headed household had a net worth of $12,500 in 2016, compared to the $20,700 boomers had accumulated at the same age. The figures are far grimmer for millennial households headed by someone without a college degree.

“The next ten years may finally be the decade where millennials feel a more solid financial foundation, especially after the long economic headwinds and recovery many of them have faced due to the Great Recession, wage stagnation, the rising cost of real estate, and student-loan debt,” he told BI, before listing reasons for this cheerful prediction, including:

More years out of school means less student loan debt.  And A big transfer of wealth as this generation receives inheritances from the relatively wealthy boomers.  INC

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