Millennials Are Making Less Money Than Baby Boomers At Their Age.
A new report says the age group is earning 20 percent less than the generation before them.
The analysis was written by think tank New America.
It is titled 'The Emerging Millennial Wealth Gap.'.
The smaller earnings come despite millennials being more educated than baby boomers.
According to the report, nearly 40 percent have a bachelor's degree.
For boomers, just 25 percent have obtained that level of schooling.
Millennials are going to be on a completely lower trajectory than previous generations.
Instances such as the Great Recession during the late 2000s and 2010s have led to this outcome.
Around these times, job opportunities were more scarce and wages were stagnant. .
At the same there were high tuition costs for college, leaving many with student loans and a lot of debt.
The drop in income between generations has led to fewer millennials buying homes and starting families.
There’s just less available to do everything else with, including build wealth and save