Millennials are on shaky ground, struggling to gain the same financial security afforded to their parents, new data analysis suggests.
When baby boomers were young adults, their net worth was double that of today’s young people, who earn $10,000 less than their counterparts did in 1989, according to findings from advocacy group Young Invincibles. Its analysis of Federal Reserve data comparing 25- to 34-year-olds in 2013 and 1989 after adjusting for inflation confirms what many already suspected: The American dream has slipped out of reach for the country’s largest generation.
“Our findings show that we’re not seeing a ghost. It is harder to get ahead in America today,” principal investigator Tom Allison said.
The report points to declining wages and student debt as key factors. For boomers in 1989, the average tuition at four-year public colleges was $3,454 in today’s dollars, the study found. Today, that figure has risen to $9,410.30.
Click here to read the full story on LATimes.com.