MILLENNIAL BLUES: Financial Crisis May Have Hit ’80s Generation the Hardest.
Americans who entered the world in the 1980s “are at substantial risk of accumulating less wealth over their life spans than the members of previous generations,” the report’s authors say. “Not only is their wealth shortfall in 2016 very large in percentage terms, but the typical 1980s family actually lost ground in relative terms between 2010 and 2016, a period of rapidly rising asset values that buoyed the wealth of all older cohorts.”
The St. Louis Fed research finds that as of 2016, those born in the 1980s had wealth levels 34% below where they would be absent the financial crisis and its aftermath. In comparison, people born in the 1970s had wealth levels that were 18% under where they should have been, while folks from the 1960s were down 11%.
This is going to have serious fiscal consequences in Washington down the road, as swathes of Millennial voters begin to retire and have nothing in the bank.