Tags: Money | millennials | american dream | wealth | family

Most Millennials Think They Will Be Wealthier Than Their Parents

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(Keith Srakocic/AP)

By    |   Wednesday, 20 March 2019 12:42 PM

First they have to move out of their parents' basements, but most millennials believe they will be wealthier than their parents in their lifetime – a finding that reflects an overall positive attitude shared by people in their 20s and 30s when it comes to their financial situation.

Whether there is merit to their confident claims is up for debate; however, according to a recent LendEDU survey, this generation feels pretty good about their wealth, GoBanking Rates noted.

Researchers drew some interesting conclusions when they delved deeper into the spending habits and personal finances of 1,000 American millennials. However, most interesting was 57 percent of respondents thought they would be wealthier than their parents.

An additional 20 percent said they would be equally wealthy as their folks and 61 percent said their children would be more wealthy than them in their lifetime.

These results come amid contrasting reports regarding the true wealth of millennials. Last year a Pew Research Center analysis of census data noted millennial households in the U.S. were earning more than most older Americans did at the same age. However, around the same time the Federal Reserve Board reported millennials were in fact less well off than any previous generations.

What experts have noted is, while it appears as if the median U.S. household income has risen in recent years, that gain is smaller than it has been in previous years, CNBC noted. The gain was as the result of increased employment, not increased salaries, and there has been a drop in annual earnings in male and female millennial workers.

Economists continue to puzzle over the data however, as the recent LendEDU survey found, at least millennials themselves were feeling positive about things.

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A finding that reflects an overall positive attitude shared by people in their 20s and 30s when it comes to their financial situation, most millennials believe they will be wealthier than their parents in their lifetime.
millennials, american dream, wealth, family
287
2019-42-20
Wednesday, 20 March 2019 12:42 PM
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