We're falling behind our parents
Millennials earn 20 percent less than baby boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data released on Friday by the advocacy group Young Invincibles.
The report found that millennials have half the net worth of boomers (at the same age) and their home ownership rate is lower, while their student debt is drastically higher.
Education helps boost income, but not by a lot
The median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in 1989. According to a study by Experian, student loan debt rose 84 percent between 2008 and 2014.
A majority of college students, 42% of all 18-to-29-year olds, have student loan debt, according to a recent study by Harvard University. In fact, 50 percent believe student debt is a major problem for young people in the US.
Being an adult is difficult— melissa (@lowfatmelk) April 2, 2016
Also this is a very millennial tweet I'm sorry
"Being an adult is difficult."
Millennials aren't owning homes
The study also found that the home ownership rate for this group fell to 43 percent from 46 percent in 1989, although the rate has improved for millennials with a college degree compared to baby boomers. The median net worth of millennials is 56 percent less than it was for boomers, yet again
"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.