The average millennial has an average net worth of $8,000. That's far less than previous generations

[Demovictory9]

Millennials are doing far worse financially than generations before them, with student loans, rising rents and higher health care costs pushing the average net worth below $8,000, a new study shows.

The net worth of Americans aged 18 to 35 has dropped 34 percent since 1996, according to research released Thursday by Deloitte, the accounting and professional services giant. This demographic is paying more for education and such basics as food and transportation while incomes have largely flatlined.

"The vast majority of consumers are under tremendous financial pressure," said Kasey Lobaugh, Deloitte's chief retail innovation officer and lead author of the study. "That is particularly true for low-income Americans and millennials."

The growing gap between the nation's wealthiest residents and everybody else, he said, is affecting the way consumers spend.


Education expenses have climbed 65 percent in the past decade. Food costs have jumped 26 percent, health care is up 21 percent, housing jumped 16

https://www.sfgate.com/business/article/The-average-millennial-has-an-average-net-worth-13909188.php

[guillaumeb]

1. Many baby boomers are also in bad financial shape.

The logical result of GOP economic policy.

[Wellstone ruled]

2. You just stated a major fact.

I see this every time we go to the Grocery Store. As someone whom spend his career in a Food related Business of one sort or other,one picks up on little money related things while waiting in the Cashier line. Boomers and Seniors doing go backs because they do not have the extra dollars. Proud to say,if it means I cover a few bucks for that person,damn it I will.

[msongs]

3. all that food from mexico going up 25% soon. oh well the new messiah will give them fish and bread n

[Liberal In Texas]

4. Well, that's what he does. Creats a crisis and pretends to come in as a some kind of problem solver.

Even though the problems are far worse that his "fix."

[Drahthaardogs]

5. They also have no ability to wait, do without, or compromise

In my neighborhood, they all have huge homes, new cars, subcompact tractors, and golf club memberships. I know what they do for a living and they don't make half of what I do and I have a pension.

They are either mortgaged to the hilt or mom and dad are helping a lot. I suspect both. A coworker owes the IRS tens of thousands and still takes two extravagant vacations a year.

It's craziness.

[Turin_C3PO]

6. Well, I don't know where you live,

but the millennials around here certainly aren’t living the high life. Most make do with very little compared to us previous generations.