Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Despite being the largest portion of the workforce, millennials controlled just 6.1% of U.S. wealth as of 2024, according to data from the Federal Reserve. In comparison, baby boomers still hold over 50% of the country’s wealth. Gen X owns about 26%, while the silent generation retains a smaller share of the remaining wealth.
Although it’s expected that older generations are wealthier due to having more time to earn and accumulate assets, millennials are significantly behind where boomers were at the same age. Back in 1989, when boomers were at a similar point in their lives, they controlled roughly 21% of the nation’s wealth. This is more than triple what millennials own today.
Numerous studies have shown that, despite being the most educated generation, millennials are financially worse off than previous generations at the same age. Rising living costs, stagnant wages, and massive student loan debt have hindered millennials from building wealth.
The COVID-19 pandemic only worsened these disparities. Job losses hit industries like retail and hospitality hard, where many millennial workers — particularly women and minorities — were employed. These groups were disproportionately impacted, leaving millennials struggling to regain their financial footing.
Millennials also missed out on stock market gains. Today, they own just 2.5% of corporate equity and mutual fund shares, compared to baby boomers who hold more than 50%. This generational wealth gap highlights the ongoing challenges millennials face as they try to catch up to the financial success of their predecessors.
While millennials continue to grapple with financial difficulties, potential solutions such as improved access to financial literacy programs and alternative wealth-building opportunities may help bridge the gap in the coming years.
