There’s lots of compelling data in this Wall Street Journal story ($) about how millennials are getting off to a difficult start in life, asset accumulation-wise, due to a number of factors, most of which their baby-boomer overlords in government and banking seem to like just fine, yesterday’s student debt relief effort by the Obama Administration notwithstanding.
As it relates to housing, twenty-somethings have been notable no-shows in the recent housing boom for reasons that should be clear in the two graphics below.
Also see this CNBC report on a recent Wells Fargo survey that showed millennials being overwhelmed by debt as never before. It’s not unusual to spend your 20s treading water financially as you cope with finding your place in the world, but today’s younger set certainly seems to have the deck stacked against them.
Just wait til they find out in a couple decades that their baby boomer parents have had to spend their inheritance to make ends meet in their golden years.