Westend61 | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study.Even as the vast majority of millennials struggle with student debt, low-wage service-jobs, unaffordable housing and low savings, the millennial elite are surpassing previous generations. According to the study, the average millennial has 30% less wealth at the age of 35 than baby boomers did at the same age. Yet the top 10% of millennials have 20% more wealth than the top baby boomers at the same age.”Millennials are so different from one another that it is not particularly meaningful to talk about the ‘average’ Millennial experience,” wrote the study’s authors, Rob Gruijters, Zachary Van Winkle and Anette Eva Fasang. “There are some Millennials who are doing extremely well—think Mark Zuckerberg and Sam Altman—while others are struggling.”The study finds that millennials — typically defined as those between the age of 28 and 43 today — have faced repeated financial headwinds. Coming of age during the financial crisis, they have lower levels of homeownership, larger debts outweighing assets, low-wage and unstable jobs, and lower rates of dual-income family formation.At the same time, the authors say the top 10% of millennials have benefited from greater rewards for skilled jobs. As they put it, “The returns to high-status work trajectories have increased, while the returns to low-status trajectories have stagnated or declined.”The millennials who “went to college, found graduate level jobs, and started families relatively late,” ende …
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[mwai_chat context=”Let’s have a discussion about this article:nnWestend61 | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study.Even as the vast majority of millennials struggle with student debt, low-wage service-jobs, unaffordable housing and low savings, the millennial elite are surpassing previous generations. According to the study, the average millennial has 30% less wealth at the age of 35 than baby boomers did at the same age. Yet the top 10% of millennials have 20% more wealth than the top baby boomers at the same age.”Millennials are so different from one another that it is not particularly meaningful to talk about the ‘average’ Millennial experience,” wrote the study’s authors, Rob Gruijters, Zachary Van Winkle and Anette Eva Fasang. “There are some Millennials who are doing extremely well—think Mark Zuckerberg and Sam Altman—while others are struggling.”The study finds that millennials — typically defined as those between the age of 28 and 43 today — have faced repeated financial headwinds. Coming of age during the financial crisis, they have lower levels of homeownership, larger debts outweighing assets, low-wage and unstable jobs, and lower rates of dual-income family formation.At the same time, the authors say the top 10% of millennials have benefited from greater rewards for skilled jobs. As they put it, “The returns to high-status work trajectories have increased, while the returns to low-status trajectories have stagnated or declined.”The millennials who “went to college, found graduate level jobs, and started families relatively late,” ende …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
