Poor, Poor Millennials: Young Will Continue to Be Poorer Than Parents

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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Written by

Alex Logan

As cohost of the political commentary series, Jesse Ventura's Off the Grid, Alex Logan is The Body's body man. Alex and the former governor, action star, wrestler, and everything else in between, tackle the headlines of the week with an uncensored and independent spirit as we hold the two parties' feet to the fire. A deserter of Dayton, Ohio, Alex graduated from the University of Southern California Film School with a degree in Writing for Screen and TV. Alex has assisted in the booking of live acts for the Creative Artists Agency; written jokes, sketches and stunts for MTV and producer Johnny Knoxville; developed treatments and scripts for Anonymous Content and Mark Gordon Productions; and co-founded the Improv Olympic West’s headliner sketch group, The Mutiny, who play sold out shows around LA and at the Chicago and San Francisco Sketch Fests, as well as producing numerous videos for the front pages of YouTube, College Humor, and Funny Or Die. He did a stint as Editor and Technical Producer on Larry King’s Hulu talk show before partnering with Larry and Jesse to co-create Off the Grid. In the first season, Alex co-headed the entire production, writing, producing, and cohosting over 150 episodes. And he's back for Season Two, now serving as producer and host of a series of Man on the Street field pieces called, On the Grid. He also wrote this professional bio with his own two hands.

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.