Study: Millennials Lag Older Generations In Expected Wealth
(CNN) – Millennials are trailing behind financially.
A new study finds people born between 1981 and 1996 are accumulating less wealth than expected based on previous generations.
There are drastic differences when considering those with college degrees and those without. In 2016, millennials with degrees had about 6% less wealth than older generations. For those without degrees, they had 44% less wealth.
The study’s authors note that could cause millennials to rely on social security more than previous generations.
The disparity may not be because millennials are bad at saving. The study found it may actually be harder to accumulate wealth now than it was before.
But the good news is millennials have time to change their financial outlooks.
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