Mil­len­ni­als are falling be­hind their boomer par­ents

Daily Freeman (Kingston, NY) - - NATION+WORLD -

Baby boomers: Your mil­len­nial chil­dren are worse off than you.

With a me­dian house­hold in­come of $40,581, mil­len­ni­als earn 20 per­cent less than boomers did at the same stage of life, de­spite be­ing bet­ter ed­u­cated, ac­cord­ing to a new anal­y­sis of Fed­eral Re­serve data by the ad­vo­cacy group Young In­vin­ci­bles.

The anal­y­sis re­leased Fri­day gives con­crete de­tails about a trou­bling gen­er­a­tional di­vide that helps to ex­plain much of the anx­i­ety that de­fined the 2016 elec­tion. Mil­len­ni­als have half the net worth of boomers. Their home own­er­ship rate is lower, while their stu­dent debt is dras­ti­cally higher.

The anal­y­sis also hints at the is­sues of cul­ture and iden­tity that di­vided many vot­ers, show­ing that white mil­len­ni­als — who still earn much more than their blacks and Latino peers — have seen their in­comes plum­met the most rel­a­tive to boomers.

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