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I was about to say "so great for us," when I had the alarming realization that I'm 37.
A decent piece by last year on The Myth of the Broke Millennial: ‘After a rough start, the generation is thriving. Why doesn’t it feel that way?’
There is a vital cohort of young people who are about to vote for the very first time this year. But there are even more who aren’t planning to vote at all. We plan to change that.
Will you donate $10 right now to help us reach young voters before it’s too late?
With the numbers that low, it has to come more from savings than from capital appreciation, unless Gen Z is producing some pretty insane alpha or running with high leverage.
The statistics are misleading, actually what's happening is individual rich people are getting younger.
To what extent is it related to share of wage labor and the impact of recent inflation on low wage labor? I’d imagine reasonably large impact? Hard to believe the small share of people in more speculative assets really moved the needle
The Economist did a cover on it a few months ago:
Because young people are exposed to equities more and start from a lower base so each dollar earned means more
Under siege and self-sabotaging at his NJ golf club, Donald Trump is reaching for old familiar faces and enablers to imbue his flailing 2024 campaign with some 2016 magic: Corey Lewandowski, Tim Murtaugh, maybe Kellyanne. Who’s next, Roger Stone? Oh wait.
From
The sharp declines in 2008-2010 suggest much of the loss of wealth here was related to the stock market crash.
If so, much of the subsequent growth would've likely also've been in investments. Younger people often use more aggressive strategies and would've been just beginning.
The most common way we set the narrative about young people is online and the most common approach to talking about money online is to pretend you have absolutely none of it (or be Hustle Guy)
Elderly people died of Covid, unlocking vast inheritances years ahead of the expected time, allowing younger people to invest in growth rather than consumption.
This is also the story of the good economy more generally.
Population is getting older, even within brackets. So median age of "under-35" cohort is closer to 35 in 2022 than in 2016, and the difference in net worth between a 34y/o and a 28y/o is significant.
Does this chart control for changing age distribution within each age bracket?
How much of it is house equity? Many under 35s bought houses between 2015 and 2022 and saw prices skyrocket but it doesn’t do them much good since upgrading is too expensive.
Measuring net worth for the young isn’t very meaningful and subject to wild swings.
the simplest explanation for net worth increase is inheritance from boomer parents
Under 35s in 2024 were 10-27 yrs old in 2016. They likely had negative net worth on average in 2016. That's just how wealth accumulation is supposed to work?
The narrative violation is that for many millennials it didn't work. Proper comparison is 35-44 yr olds 2004-2012
It’s easier to grow low nominal numbers. We paused student loans for a large % of this period and stocks and RE did well.
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Twitter discourse looks different if it's newly-richer young people complaining about the high price of DoorDash, versus poorer-than-ever twentysomethings worried that they can't afford a meal.
There is a vital cohort of young people who are about to vote for the very first time this year. But there are even more who aren’t planning to vote at all. We plan to change that.
Will you donate $10 right now to help us reach young voters before it’s too late?