August 12, 2022 (Investorideas.com Newswire) According to MoneyTransfers.com, millennials account for only 6.6% of America’s wealth. However, they are catching up to other generations as their total net worth has doubled since the first quarter of 2020. Since the first quarter of 2020, when their total net worth was $4.55 trillion, millennials have seen that number spike to $9.11 trillion.
According to MoneyTransfers CEO Jonathan Merry, “Several factors have contributed to this increase in millennial wealth. Firstly, the stock market has recovered significantly since its lows in March 2020, and millennials are more likely to invest in stocks. The housing market has also rebounded, and millennials are more likely to own homes than older generations. Finally, the pandemic has increased many people’s savings, as fewer opportunities to spend money have presented themselves.”
Older Generations own the majority of the Country’s Wealth
It’s essential to put this increase in millennial wealth into perspective. While millennials have seen their net worth double since the pandemic’s beginning, baby boomers (those born between 1946 and 1964) make up 50.4% of America’s wealth, and Generation X (those born between 1965 and 1980) have 29.9%. The silent generation and those born earlier – which include those 77 and older in 2022 – have 13.1%.
Great Prospects Lay Ahead for Millenials
Despite these challenges, millennials are likely to become an increasingly important force in the US economy as they continue to age and enter their peak earning years. They are catching up when it comes to homeownership. In 2000, only 34% of millennials were homeowners. By 2018, that number had grown to 43%. This means that a more significant percentage of millennials’ net worth is tied up in housing than ever before.
Looking at the data, it’s clear that millennials have been dealt a difficult hand when it comes to building wealth. But despite all the obstacles in their way, they are still managing to make progress. And as they continue to grow and mature, they will only become more influential players in the financial world. Full story and statistics can be found here: Only 6.6% Of Us Wealth Is in the Hands of Millenials
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