It’s no secret that the financial lives of millennials aren’t exactly top notch. While our parents had a house and two-and-a-half kids by their mid-twenties, most of us are still living with roommates and calculating whether or not we can actually afford the up-charge for guac. Blame the recession, lack of increase in wages, crippling student loan debt, or a combination of all three, but the sad fact is that many of us are struggling to achieve The American Dream in ways our parents never did. Honestly, I feel pretty financially secure if I can manage to pick up the group brunch check without overdrawing my checking account.
While we already knew it was bad, new research by the Institute for Fiscal Studies showed us just how bad things actually are. As it turns out, millennials born in the early 80s are literally twice as poor as individuals born just ten years earlier. Ouch. Data from the study showed that the average wealth of those born in the 80s is around $34,500 whereas just ten years ago, that number used to be $67,600. That’s seriously rough.
This is obviously having a negative effect on things such as home ownership and savings rates – after all, it’s pretty hard to save money when you’re spending almost all of it on rent. If it helps console you, at least you know that it’s not just you – literally everyone else our age is broke too. Sure, you don’t have a house or kids or a 401K, but you probably have a sick apartment, a dog, and a strong brunch squad, and honestly, I wouldn’t have it any other way. .
[via Harper’s Bazaar]