Here’s something you can’t blame on the boomers: it turns out young Americans’ wealth is growing faster than the older generations. If you just heard that record scratch noise, it’s okay. I’m just as surprised. But what the heck is causing this?
Here’s Five Fast Facts On Young Americans’ Growing Wealth:
- 📊Growth Spurt - A recent study shows that adults under 40 have grown their wealth 80% since 2019. Baby Boomers have seen a 30% increase in wealth and Gen Xers saw a 10% growth. They’re always the red-headed stepchildren.
- 👔 Big Deal - Before you try to swallow your own tongue, realize that younger people have lower net worths to begin with. So when you view growth as only a percentage, those small numbers are going to get bigger, faster.
- 📈 Buy! Sell! Buy! - The younger generations’ net worth was largely due to post-pandemic stocks. People in this age group tend to have larger exposure and a riskier portfolio. That disproportionately benefited their net worths.
- 🏡 Welcome Home - Older Americans’ wealth is driven another way: homeownership. That’s something the whippersnappers probably won’t be able to get their hands on any time soon.
- 👴 Last Place - The final breakdown does show considerable growth, but the Boomers still rule the roost. They have 72.9% of the country’s wealth, while Gen X has 20.5% and the kids have 6.6%.
🔥Bottom line: It appears that different generations acquire wealth differently in the post-pandemic world. It’s impressive that Millennials and Zoomers have found a way to adapt, but will it be enough in the long term? Time, as they say, will tell.
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