Educated and poor: young people have only 5% of US wealth

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Despite making up the majority of the workforce, the generation of millennials – people who were born between the years of 1980 and 1995 – it owns only 4.6% of the wealth of U.S until the first half of 2020, according to data released by the Federal Reserve.

The baby boomers, those born between 1946 and 1964, control over 53% of the country’s wealth, while generation X, born between the mid-1990s 1960 and the beginning of the 1980, accounts for just over 25%, according to the Fed.

Although it is not unusual for older generations to be richer than younger ones – after all, they had more time to earn money and accumulate wealth – data from the Fed also show that the generation of millennials has much less wealth than the “boomers ” the same age.

In 1989, when baby boomers were about the same age as the generation of millennials today, they controlled 21% of the country’s wealth, almost five times more than the millennials have today.

Many reports have already pointed out that the generation of millennials he is, on average, worse off financially than his parents and grandparents were of the same age, despite having a better education.

And the coronavirus pandemic is only exacerbating this inequality. Although all pillars of the economy have been impacted, job losses have been particularly severe for low-income workers in sectors such as retail, education and hospitality. Workers millennials – as well as women and minorities – constitute a disproportionate share of the workforce.

In addition, much of the generation of millennials it lost the gains made in the stock market in the last few months, according to data from the Fed. They have only 2% of the total capital in companies. Baby boomers, on the other hand, own more than 55%.

Source: Exame

Despite making up the majority of the workforce, the generation of millennials – people who were born between the years of 1980 and 1995 – it owns only 4.6% of the wealth of U.S until the first half of 2020, according to data released by the Federal Reserve.

The baby boomers, those born between 1946 and 1964, control over 53% of the country’s wealth, while generation X, born between the mid-1990s 1960 and the beginning of the 1980, accounts for just over 25%, according to the Fed.

Although it is not unusual for older generations to be richer than younger ones – after all, they had more time to earn money and accumulate wealth – data from the Fed also show that the generation of millennials has much less wealth than the “boomers ” the same age.

In 1989, when baby boomers were about the same age as the generation of millennials today, they controlled 21% of the country’s wealth, almost five times more than the millennials have today.

Many reports have already pointed out that the generation of millennials he is, on average, worse off financially than his parents and grandparents were of the same age, despite having a better education.

And the coronavirus pandemic is only exacerbating this inequality. Although all pillars of the economy have been impacted, job losses have been particularly severe for low-income workers in sectors such as retail, education and hospitality. Workers millennials – as well as women and minorities – constitute a disproportionate share of the workforce.

In addition, much of the generation of millennials it lost the gains made in the stock market in the last few months, according to data from the Fed. They have only 2% of the total capital in companies. Baby boomers, on the other hand, own more than 55%.

Source: Exame

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