Google “millennials” and chances are you will see at least one fresh headline about this young demographic every day of the week. Everyone wants to deconstruct them, get inside their heads and survey them. After all, this generation of 18 to 34 year-olds overtook baby boomers last year to become America’s biggest-ever demographic. But before you get too excited, remember that every story has two sides. While their sheer numbers has everyone – investors, marketers, researchers – salivating, let’s also look at their financial standing. This is the generation that came of age during the Great Recession and they have the scars to prove it. By many economic measures, millennials are worse off than previous generations. They have lower levels of wealth and personal income yet higher levels of student loan debt and unemployment compared to boomers and Gen-Xers going through the same life stages.1
Read my new LinkedIn post where I share more thoughts on the millennials theme and let me know what you think.
- Pew Research Center, Millennials in Adulthood