Millennials: Not Very Rich
According to a recent study from Deloitte, the average millennial net worth has fallen under $8,000
• less than 3 min read
The bad news: Millennials are far worse off financially than previous generations thanks to the crippling pressure of student loans, health care costs, sky high rents, and flat wages.
The good news: We’ve got a full week to save up before celebrating National Rosé Day next Saturday.
According to a recent study from Deloitte, the average millennial net worth has fallen under $8,000, down 34% from the average net worth of Americans ages 18-35 in 1996.
It’s not all because of green juice. Okay, it's a lot of green juice, but per Deloitte, millennials spend about 17% of their incomes on education, health care, and rent (compared to the 12% young people spent on that a decade ago).
Drilling down, per WaPo…
- Education costs have climbed 65% in the last decade.
- Health care costs are up 21%.
- Housing costs 16% more.
Bottom line: Next time Nana nags you for not settling down, explain that it has nothing to do with your Tinder profile and everything to do with broader economic trends.
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