Millennials Fall Behind Boomers in Most Financial Areas — Except for One Surprising Advantage - video Dailymotion

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00:00Do millennials really have it worse than their parents of the baby boomer generation?

00:04Well, according to a new study, in some ways, yes.

00:06But in one key other way, maybe not.

00:08The analysis was conducted by a joint team from all over Europe and the UK.

00:12And perhaps the main takeaway is that the average millennial currently has 30% less wealth

00:17than their boomer counterparts did at their age.

00:20Which makes sense then that millennials are also behind when it comes to home ownership.

00:23With only 49% of millennials owning a home by 35 compared to 62% of boomers at the same age.

00:31That's also driving the median home buying age up to 36 as well.

00:35The highest it's ever been.

00:36Meanwhile, millennials are in more debt than their parents' generation as well.

00:4068% of millennials are in debt at age 35, while only 43% of boomers were.

00:45And that debt has caused some 14% of millennials to have negative net worth.

00:49Or where that very debt is worth more than all of their assets.

00:52For boomers, that number was only 8.7%.

00:55However, the study also found a particular peculiarity with regards to millennial income.

01:00Those in the 90th percentile of wealth are now about 20% more wealthy than their boomer counterparts were.

01:06A data point which seems to highlight a growing global wealth gap.