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It’s the hope of almost every generation in history that their children and grandchildren will go on to live wealthier more prosperous lives than their own.
People put countless hours of thought and planning into things like their children’s education, life insurance, and estate inheritance to make this dream a reality, but overwhelmingly it is still not coming true.
The long-suffering generation of millennials are now set to be significantly poorer than both baby boomers and gen X’ers.
Having entered the workforce during the fallout of the 2008 mortgage crisis and then being hit particularly hard during this current crisis has meant that today millennials only account for 3% of national wealth, where boomers at the same point in their lives accounted for 27%.
This trend is more than just another pity party for our fellow latte-sipping millennials. On a wider level, the share of wealth owned by people under the age of 40 has shrunk from 13% to just under 7% over the past 3 decades.
Even if we ignore the social issues of younger families having to make do with half that of what their parents did this can have some serious economic implications.
Young families establishing themselves in life make up a huge portion of consumer spending. Typically speaking people between the age of 25 and 40 have been seen as the perfect consumer market. They have full-time jobs and disposable incomes unlike younger buyers but lack a bit of the weariness of older consumers.
Therefore if this trend continues businesses around the world might start to lose out on their Goldilocks zone of consumer spending.
so …
What is causing this downward pressure on wealth in younger generations?
What will this mean for the future growth of nations like the USA?
And could this just be a waiting game of wealth, inevitably getting passed down?
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