By David L. MartinPublished April 06, 2019 08:01:00As the baby boomers hit their prime, they’re leaving behind a legacy that will affect the next generation of people who inherit their wealth.
According to a new report, millennial parents are the biggest losers of the baby boomer retirement wave.
They’re leaving with $8.4 trillion in wealth and a median net worth of $100,000.
That compares with $16.7 trillion in assets for baby boom parents.
For their generation, those assets are also a lot more expensive.
The median net-worth of a typical millennial in the bottom third of the income distribution is $62,500, according to a 2017 survey by Fidelity Investments.
For the average millennial, it’s $78,500.
In addition, millennials are more likely to be in debt.
For example, millennials’ average credit score is just 58 percent, compared with 68 percent for boomers.
That means millennials have higher debt burdens than their boomers, and they’re paying more for it.
The new report comes at a time when millennials are leaving their parents’ nest egg.
For their generation of parents, it means the average wealth of their parents is just $100 more than it was in 2007, the last time Fidelity reviewed its data.
And yet, millennials continue to get richer.
According the new report from the Center for Retirement Research at the University of Michigan, the median net value of a millennial family is now $11.2 million.
For an average millennial family, that’s an extra $1.7 million.
But the biggest winners of the boom are not the millennials who are leaving behind.
The biggest losers are their parents, who are in the middle of a recession and have lost the ability to invest their retirement savings in the stock market, real estate, or other assets.
The financial crisis has hurt millennials the most.
They have lost access to financial services like payday loans and car loans that they need to live and pay their bills, said Mark Zandi, senior economist at Fidelity.
They’ve been hit hard by job loss, which has caused the economy to slow, unemployment to rise, and stagnant wages.
“It’s been pretty bad,” Zandi said.
“We’ve had a pretty good recovery, but the people who are really losing it are the parents.”
This is especially true for younger generations who don’t have the resources to take advantage of the financial services available to older generations, said Linda Dolan, senior director of research at Fannie Mae.
“It’s hard for parents to be able to put their kids through college,” she said.
And millennials are not just losing their parents.
As a result, their financial status has also deteriorated.
Fidelity’s report found that while a typical family is expected to make $85,000 per year, the net worth for a millennial parent is $11,900 less than it would be if the baby were still alive.
And while the median income for a Millennial family is about $46,500 per year higher than it is for an average boomer family, the wealth of a Millennian parent is about the same as that of an average parent.
So what’s the deal?
What’s behind this massive gap between millennials and their parents?
The answer to that question may surprise you.
It’s not that millennials have been living a life of leisure.
For many of them, the economy has not recovered as quickly as it did for boom and bust generations.
For one, Millennials are not paying as much as boomers for the same jobs.
And it’s also not that their parents aren’t working full time.
Both millennials and boomers are working more than ever.
So even though they’ve lost the chance to invest in stock and real estate and to enjoy life’s rewards, their parents are still working and saving for retirement.
To be sure, millennials have not been able to live off their parents as they would have liked.
The number of people with student loan debt has soared.
And the number of seniors in their 30s and 40s is on the rise.
But while millennials are struggling, boomers aren’t.
The numbers on wealth inequality in the United States have dropped sharply.
The top 1 percent of Americans now own an average of $1,933,000, down from $2,836,000 in 2015, according the Center on Budget and Policy Priorities.
Meanwhile, the bottom 90 percent of households have seen their wealth decline by nearly $1 trillion.
Millennials’ financial struggles, combined with the slow recovery from the Great Recession, have led to a generational shift in the way we view wealth.
It seems that the Baby Boomers of the 1980s, 1990s, and 2000s were the most financially well-off.
They had the best of both worlds.
Their parents were working full-time and saving and were contributing to the economy.But