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Topic	Playing Catch-Up in the Game of Life - Millennials Approach Middle Age in Crisis
SK8T3R215 05/21/19 2:53:17 PM #1:	New data show theyre in worse financial shape than every preceding living generation and may never recover https://www.wsj.com/articles/playing-catch-up-in-the-game-of-life-millennials-approach-middle-age-in-crisis-11558290908#comments_sector Good article about the financial situation of millennials vs prior generations with new Federal Reserve data. Below is the intro snippit but I would suggest reading through it for the bulk of the data. TLDR: Millennials are more educated, but have less wealth, and property due to the timing of the financial crisis and student loan debt. American millennials are approaching middle age in worse financial shape than every living generation ahead of them, lagging behind baby boomers and Generation X despite a decade of economic growth and falling unemployment. Hobbled by the financial crisis and recession that struck as they began their working life, Americans born between 1981 and 1996 have failed to match every other generation of young adults born since the Great Depression. They have less wealth, less property, lower marriage rates and fewer children, according to new data that compare generations at similar ages. Even with record levels of education, the troubles of millennials have delayed traditional adult milestones in ways expected to alter the nations demographic and economic contours through the end of the century. Millennials helped drive the number of U.S. births to their lowest levels in 32 years. That means fewer workers in the future to support Social Security and other public programs for the ballooning population of retirees. Social Security last month estimated that in 2035, after nearly all baby boomers retire, there will be 2.2 workers per beneficiary. Last year, there were 2.8. The current birthrate of around 1.8 children per woman is expected to create a Social Security deficit of nearly $2 trillion over the next 75 years. Prospects for a quick turnaround arent good. Men and women in their 30s are marrying at rates below every other generation on record. Well have to rethink a lot of things about taxation and how social programs are funded if fertility is really on a more permanent decline, said Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College. Growth in property values and the stock market this past decade helped older households regain ground since the recession. Millennials, though, have made little headway. If I cant afford a home, I definitely cant afford kids, said Joy Brown, 32 years old. She is a renter who is single and earns $75,000 a year. She also owes $102,000 in student loans and $10,000 in credit-card debt. Myself and a lot of my peers still feel like were playing catch-up in the game of life, said Ms. Brown, a compliance officer for the city of Chicago More than half the 72 million American millennials are now in their 30s. The oldest will turn 38 this year, when their generation is expected to surpass the number of baby boomers. Their slow start has been well-documented in the first years after the recession. New data show that millennials may never catch up with the generations of Americans that preceded them. --- New York Knicks, New York Jets, New York Yankees. <cite>SK8T3R215 posted [p:922188716] in Playing Ca... [t:77730810]...</cite> <quote>New data show theyre in worse financial shape than every preceding living generation and may never recover https://www.wsj.com/articles/playing-catch-up-in-the-game-of-life-millennials-approach-middle-age-in-crisis-11558290908#comments_sector Good article about the financial situation of millennials vs prior generations with new Federal Reserve data. Below is the intro snippit but I would suggest reading through it for the bulk of the data. TLDR: Millennials are more educated, but have less wealth, and property due to the timing of the financial crisis and student loan debt. American millennials are approaching middle age in worse financial shape than every living generation ahead of them, lagging behind baby boomers and Generation X despite a decade of economic growth and falling unemployment. Hobbled by the financial crisis and recession that struck as they began their working life, Americans born between 1981 and 1996 have failed to match every other generation of young adults born since the Great Depression. They have less wealth, less property, lower marriage rates and fewer children, according to new data that compare generations at similar ages. Even with record levels of education, the troubles of millennials have delayed traditional adult milestones in ways expected to alter the nations demographic and economic contours through the end of the century. Millennials helped drive the number of U.S. births to their lowest levels in 32 years. That means fewer workers in the future to support Social Security and other public programs for the ballooning population of retirees. Social Security last month estimated that in 2035, after nearly all baby boomers retire, there will be 2.2 workers per beneficiary. Last year, there were 2.8. The current birthrate of around 1.8 children per woman is expected to create a Social Security deficit of nearly $2 trillion over the next 75 years. Prospects for a quick turnaround arent good. Men and women in their 30s are marrying at rates below every other generation on record. Well have to rethink a lot of things about taxation and how social programs are funded if fertility is really on a more permanent decline, said Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College. Growth in property values and the stock market this past decade helped older households regain ground since the recession. Millennials, though, have made little headway. If I cant afford a home, I definitely cant afford kids, said Joy Brown, 32 years old. She is a renter who is single and earns $75,000 a year. She also owes $102,000 in student loans and $10,000 in credit-card debt. Myself and a lot of my peers still feel like were playing catch-up in the game of life, said Ms. Brown, a compliance officer for the city of Chicago More than half the 72 million American millennials are now in their 30s. The oldest will turn 38 this year, when their generation is expected to surpass the number of baby boomers. Their slow start has been well-documented in the first years after the recession. New data show that millennials may never catch up with the generations of Americans that preceded them. --- New York Knicks, New York Jets, New York Yankees.</quote> ... Copied to Clipboard!
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