New Study Finds That Millennials Are Poor and Will Stay Poor for Years to Come
The Institute for Fiscal Studies (IFS) published a report that finds an odd array of personal wealth data. For example, households actually gained income during the financial crisis, but this is due to pension values growing, not liquid wealth. But the story still looks rather grim for those born in the mid-1980s up through the 2000s.
The research economist at the IFS who authored the report, Dave Innes said, “Even with these increases in average wealth, working-age households are at risk of being less wealthy at each age than those born a decade earlier.”
This has caused most Millennials to have no faith in having any wealth in their retirement age as nearly half (44%) “did not expect to receive any income from a private pension.”
A fellow of the report, Rowena Crawford, a Senior Research Economist at the IFS said, “It is striking how many individuals do not expect private pensions to have a role in financing their retirement, let alone be their main source of income.”
There doesn’t seem to much reason to invest in ourselves or our futures when articles are constantly published with headlines like the above, as well as “Millennial Parents Are Poorest Generation in 25 Years”, “The Real Reason Young People Are the Poorest Generation in 25 Years”, and the Atlantic’s “The Unluckiest Generation: What Will Become of Millennials?”
But hey, at least our phones will be cooler than anything our parents ever had!
How do you think the Millennials can pull themselves up by their bootstraps? Sound off below!
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The views and opinions expressed herein are those of the authors alone and do not necessarily reflect the views of Ora Media, LLC its affiliates, or its employees.
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