📰 Millennials are Falling Behind their Boomer Parents - CNBC

Saw this article from CNBC as I was browsing the news this morning:

"Baby Boomers: your millennial children are worse off than you.

With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.

The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth of boomers. Their home ownership rate is lower, while their student debt is drastically higher.

Education does help boost incomes. But the median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in 1989.

The declining fortunes of millennials could impact boomers who are retired or on the cusp of retirement. Payroll taxes from millennials helps to finance the Social Security and Medicare benefits that many boomers receive — programs that Trump has said won't be subject to spending cuts. And those same boomers will need younger generations to buy their homes and invest in the financial markets to protect their own savings.

"The challenges that young adults face today could forecast the challenges that we see down the road," said Tom Allison, deputy policy and research director at Young Invincibles."

Article:
http://www.cnbc.com/2017/01/13/millennials-are-falling-behind-their-boomer-parents.html