Mil­len­ni­als ‘worse off’ than par­ents

The New Age (Free State) - - BUSINESS -

MOST mil­len­ni­als will strug­gle to earn more money and find bet­ter jobs than their par­ents, de­spite be­ing bet­ter trained, a study by Cred­itSuisse has found.

De­fined by the US Cen­sus Bureau as be­ing those born be­tween 1982 and 2000, be­tween 17 and 35 now, mil­len­ni­als face tougher bor­row­ing rules, ris­ing home prices and lower in­come mo­bil­ity, the study said.

“With the baby boomers oc­cu­py­ing most of the top jobs and much of the hous­ing, mil­len­ni­als are do­ing less well than their par­ents at the same age, es­pe­cially in re­la­tion to in­come, home own­er­ship and other di­men­sions of well­be­ing,” the Swiss bank wrote in its an­nual Global Wealth re­port.

As a re­sult only high achiev­ers and those in lu­cra­tive ar­eas like tech­nol­ogy and fi­nance have bet­ter prospects than their par­ents. Over­all, Credit Su­isse found global wealth at mid-2017 to­talled $280 tril­lion (R4020 tril­lion), up 6.4% year-on-year, the fastest pace of growth since 2012 thanks to surg­ing eq­uity mar­kets and more valu­able non-fi­nan­cial as­sets such as prop­erty.

How­ever, the wealth is too heav­ily con­cen­trated.

Some 36 mil­lion mil­lion­aires mak­ing up less than 1% of the world’s adult pop­u­la­tion own 46% of global house­hold wealth; 70% of adults, 3.5 bil­lion peo­ple, own less than $10000 in as­sets and ac­count for 2.7% of wealth. – Reuters

PIC­TURE: GETTY IMAGES

STRUG­GLING: Mil­len­ni­als are fac­ing tough times.

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