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The biggest financial recession since the Great Depression dealt a particular blow to those who came of age in the US during the crisis. Many older millennials — an age group just entering the labour force for the first time when the crisis hit — suffered early career setbacks that have hindered their ability to afford aspects of the lifestyle that their parents may have enjoyed at the same age.
Compounding a lower employment rate, the cost of US higher education has grown sharply. The total cost of college tuition and fees rose 63 per cent in the decade between 2006 and 2016, according to the Bureau of Labor Statistics. Student debt now exceeds all other forms of consumer debt except mortgages.
Taken together with a home ownership rate that is lower than for previous generations at the same age, the picture that emerges is of a generation falling behind their parents in terms of net worth.
How do you feel your economic position compares to your parents or your children? Share your thoughts in the comments below.
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