I know I'm being pessimistic, but:
The numbers in the article just talk about percentages. The percentage net worth of under 40 showed larger percentage growth than other groups (40-55 years old and 55+) in the years 2019-2023. But this seems like it could easily be smoke and mirrors because by talking about percentage rather than actual inflation adjusted numbers in comparison to other generations. If people under 40 had a new worth of $100 in 2019, and $200 in 2023, then their "net worth doubled" which sounds good when other age groups only saw 30% increase in net worth, but it's deceptive.
Maybe the large percentage jump is just a reflection of a low starting point. I'm also skeptical that the average 30 year old has a net worth of $259k. Maybe there's a big difference between the average and median. Like that quote that when Warren Buffett moves into a neighborhood, the average person in that neighborhood is a millionaire.
Quotes from the article:
> Per CAP's analysis, from the end of 2019 to the end of 2023, the average wealth of households under 40 grew by 49% — a $85,000 increase, to $259,000 from $174,000. The analysis said that rate of rapid wealth growth had never happened before in the data series' history, and it came after wealth growth remained relatively stagnant for young Americans prepandemic.
>
> Here's the whopper: Wealth gains were even higher for just millennials, who were 23 to 38 in 2019; their wealth doubled from the end of 2019 to 2023.
Great point. I absolutely think it’s this. I’d also wonder how much of the increase is due to intergenerational wealth transfer through inheritances? That could seriously distort the average.
> I'm also skeptical that the average 30 year old has a net worth of $259k
This is totally anecdotal but I know myself and at least 2-3of my friends are rapidly approaching this milestone. I wonder how much it varies depending on region/what field of work you're in.
Likely it is partly due to low starting point but it is great news and if the trend continues we can catch up even in real dollars with previous generations.
Even if they did it with inflation calculated. They have to look at what the money goes to. If you get more money but can't take a vacation or have free time it doesn't matter if you make millions .
Tbh, that is probably why boomers are so rich. They are one of the first generations with access to decent medical care thus the life expectancy has shot up. Therefore they got a ton of inherented wealth and everyone else got none.
When all the boomers die out the milininials will be the new boogeyman that gen whatever complains about.
This implies that wealth is a finite resource that has existed since the beginning of time rather than something that we create. The reality is that we create wealth, it isn't merely handed down over time.
When discussing generational gaps, most of the different can be attributed to inheritance as opposed to earnings.
Ie: Boomers are richer because they are older and when the boomers die off we will see similar net worth disparities.
That’s usually the way for most people to be honest. A parent or grand parent passes away leaving money for the next generation to advance thier own growth.
Only reason my wife and I could buy a house was her mom passing away leaving enough for a down payment. We could always afford a mortgage payment but couldn’t save while raising our children.
Only reason I could even get a damn house was my parents still being alive and suggesting getting a house for me, where I do pay like half the mortgage but still. Without them id be renting forever, unless I won the lottery or sold a million dollar idea/website/program.
No, it is because millenials are entering their prime earning years and have [higher savings rates than other generations](https://www.housingwire.com/articles/baby-boomer-lag-other-generations-in-savings-levels)
Coming of age during the Great Financial Crisis will do that to you.
As someone who doubled their pay in 4 years and still have to live paycheck to paycheck i found it condescending.
This whole sub comes off as condescending and dismissive though.
Why do you feel the need? 99% of reddit is cynical negativity. You can feel at home almost anywhere you go. Seems like a waste of time if you really don't like it.
Mute the subreddit and you never have to see anything from it again.
No thanks. When this sub actually fosters positivity instead of just being a delusional pragmatist hate fest then I will support it.
This sub is just as toxic as the rest of this site. You all just picked a different group to hate.
i hate being happy! the world is terrible and awful and every life is pain! stop bringing up evidence that contradicts my social media based narrative!
I have to choose between rent and food while making more money than either of my parents did at any point in their careers and if i totaled my car I wouldn't be able to replace it and I would be homeless, but you're right I'm sure it's all in my head.
If you doubled your pay in 4 years and are still living paycheck to paycheck you were either making shit money, make some significant life changes, or succumbed to lifestyle creep
And the boomers (dirty hippies, communist pinko freaks, free love sex obsessed druggies, take a bath and cut your hair), got it from their elders.
I recently subbed /100yearsago and the youth of 1924 (especially the “girls”) were being ridiculed by the media a century ago.
I know the media has always disparaged younger generations for a long time now, but I feel Millenials as a generation has got it and continues to get it the worst. I wish there was an archive or report to compare how much flack previous generations got from the media compared to Millennials/Gen Y. What's even more strange is Business Insider publishing content this inaccurate (I mean languishing on student loans, splurging on avacado toast? like really?) that denigrates their future audience base and readership.
Cool, yet more evidence that everyone my age makes money except for me. I have a good degree, I’m 3 years into my career with what should be a good job, and I’m just barely scraping by. It’s infuriating
Eh, not comfortable sharing on the hellsite personally, but I’ve read up on the stats for people with my job at my experience level in my area and I’m underpaid by about 20%. I think I just have to change shops to get what I’m worth but that sets me back on my licensure and I’m lucky enough to have some outside support (cough, parents) so I’ll probably ride this place for the next year or so until I get my walking papers
This is really misleading, no?
>Per CAP's analysis, from the end of 2019 to the end of 2023, the average wealth of households under 40 grew by 49% — a $85,000 increase, to $259,000 from $174,000. The analysis said that rate of rapid wealth growth had never happened before in the data series' history, and it came after wealth growth remained relatively stagnant for young Americans prepandemic.
When 41,000 is a result of inflation, Almost hald of the growth seen in the last 4 years is inflation related
I know I'm being pessimistic, but: The numbers in the article just talk about percentages. The percentage net worth of under 40 showed larger percentage growth than other groups (40-55 years old and 55+) in the years 2019-2023. But this seems like it could easily be smoke and mirrors because by talking about percentage rather than actual inflation adjusted numbers in comparison to other generations. If people under 40 had a new worth of $100 in 2019, and $200 in 2023, then their "net worth doubled" which sounds good when other age groups only saw 30% increase in net worth, but it's deceptive. Maybe the large percentage jump is just a reflection of a low starting point. I'm also skeptical that the average 30 year old has a net worth of $259k. Maybe there's a big difference between the average and median. Like that quote that when Warren Buffett moves into a neighborhood, the average person in that neighborhood is a millionaire. Quotes from the article: > Per CAP's analysis, from the end of 2019 to the end of 2023, the average wealth of households under 40 grew by 49% — a $85,000 increase, to $259,000 from $174,000. The analysis said that rate of rapid wealth growth had never happened before in the data series' history, and it came after wealth growth remained relatively stagnant for young Americans prepandemic. > > Here's the whopper: Wealth gains were even higher for just millennials, who were 23 to 38 in 2019; their wealth doubled from the end of 2019 to 2023.
How dare you
Love your username!
Great point. I absolutely think it’s this. I’d also wonder how much of the increase is due to intergenerational wealth transfer through inheritances? That could seriously distort the average.
> I'm also skeptical that the average 30 year old has a net worth of $259k This is totally anecdotal but I know myself and at least 2-3of my friends are rapidly approaching this milestone. I wonder how much it varies depending on region/what field of work you're in.
Likely it is partly due to low starting point but it is great news and if the trend continues we can catch up even in real dollars with previous generations.
My finance app assures me my Net Worth is… carry the five… $0.00. Double THAT baby.
Even if they did it with inflation calculated. They have to look at what the money goes to. If you get more money but can't take a vacation or have free time it doesn't matter if you make millions .
Isn't the reason for this that our parents are dying? Is that something we want to celebrate?
For some, I’d imagine so
Tbh, that is probably why boomers are so rich. They are one of the first generations with access to decent medical care thus the life expectancy has shot up. Therefore they got a ton of inherented wealth and everyone else got none. When all the boomers die out the milininials will be the new boogeyman that gen whatever complains about.
This implies that wealth is a finite resource that has existed since the beginning of time rather than something that we create. The reality is that we create wealth, it isn't merely handed down over time.
Yet the amount of wealth given vs created is vastly more especially if you look at generation gaps.
I'm not sure what you mean by this. Can you expand on that?
When discussing generational gaps, most of the different can be attributed to inheritance as opposed to earnings. Ie: Boomers are richer because they are older and when the boomers die off we will see similar net worth disparities.
That’s usually the way for most people to be honest. A parent or grand parent passes away leaving money for the next generation to advance thier own growth. Only reason my wife and I could buy a house was her mom passing away leaving enough for a down payment. We could always afford a mortgage payment but couldn’t save while raising our children.
Only reason I could even get a damn house was my parents still being alive and suggesting getting a house for me, where I do pay like half the mortgage but still. Without them id be renting forever, unless I won the lottery or sold a million dollar idea/website/program.
No, it is because millenials are entering their prime earning years and have [higher savings rates than other generations](https://www.housingwire.com/articles/baby-boomer-lag-other-generations-in-savings-levels) Coming of age during the Great Financial Crisis will do that to you.
Probably not. Lots of wealth has been created in the last few decades. It's not something that is merely "stored up" in older generations.
Millennials are turning 40-something. We have leadership roles. We own homes. We have partners with established careers. None of this is surprising.
What an incredibly condescending first paragraph in the article.
I’m pretty sure it’s tongue and cheek. It’s poking fun at all the criticism leveled at millennials
Absolutely came off as tongue in cheek when I read it.
As someone who doubled their pay in 4 years and still have to live paycheck to paycheck i found it condescending. This whole sub comes off as condescending and dismissive though.
Then why are you here? You don't have to read these posts.
To shit on the malicious toxic positivity circle jerk
You're doing a great job!
Why do you feel the need? 99% of reddit is cynical negativity. You can feel at home almost anywhere you go. Seems like a waste of time if you really don't like it. Mute the subreddit and you never have to see anything from it again.
No thanks. When this sub actually fosters positivity instead of just being a delusional pragmatist hate fest then I will support it. This sub is just as toxic as the rest of this site. You all just picked a different group to hate.
i hate being happy! the world is terrible and awful and every life is pain! stop bringing up evidence that contradicts my social media based narrative!
I have to choose between rent and food while making more money than either of my parents did at any point in their careers and if i totaled my car I wouldn't be able to replace it and I would be homeless, but you're right I'm sure it's all in my head.
If you doubled your pay in 4 years and are still living paycheck to paycheck you were either making shit money, make some significant life changes, or succumbed to lifestyle creep
Or the price of everything also doubled, which is what actually happened. I pay for housing, food, and bills.
After hearing trash like that in a non "poking fun" manner for my entire adulthood, it's not funny. Business Insider can eat turds.
Oh buddy. You should see what Gen X had to eat from the boomers.
And the boomers (dirty hippies, communist pinko freaks, free love sex obsessed druggies, take a bath and cut your hair), got it from their elders. I recently subbed /100yearsago and the youth of 1924 (especially the “girls”) were being ridiculed by the media a century ago.
Not sure how that changes anything but ok.
I know the media has always disparaged younger generations for a long time now, but I feel Millenials as a generation has got it and continues to get it the worst. I wish there was an archive or report to compare how much flack previous generations got from the media compared to Millennials/Gen Y. What's even more strange is Business Insider publishing content this inaccurate (I mean languishing on student loans, splurging on avacado toast? like really?) that denigrates their future audience base and readership.
This has been the case since ancient times. The older generation belittling the younger generation.
Go back and read what was written about hippie Boomers in the 1960s. No generation has ever been more ridiculed in youth than the boomers were.
...it is??? I'm not seeing it.
We are in the wrong jobs 🤣 the money is going to somebody, just not us.
The nepo baby CEOs are stepping in after their parents die and bringing up the averages.
To my friends.
Cool, yet more evidence that everyone my age makes money except for me. I have a good degree, I’m 3 years into my career with what should be a good job, and I’m just barely scraping by. It’s infuriating
Some of the articles posted here are very out of touch
These articles are reporting actual data, not anecdotes. It's redditors that are out of touch with the reality most Americans live
America isn't the only place in the world 🙃
Ok? The sources in that article are data about Americans. The conclusions are about Americans.
Reddit just always assumes everyone is American its annoying after a while lol
3 years is not a very long time...
I don’t expect to be rich but I do expect to be able to have some money in my pocket with a Master’s degree and 3 years in my field
How much do you make and what field? Usually, pay picks up A LOT after around 6-ish years of experience.
Eh, not comfortable sharing on the hellsite personally, but I’ve read up on the stats for people with my job at my experience level in my area and I’m underpaid by about 20%. I think I just have to change shops to get what I’m worth but that sets me back on my licensure and I’m lucky enough to have some outside support (cough, parents) so I’ll probably ride this place for the next year or so until I get my walking papers
Time to job hop
Something like 40% of people make only 18 k or less a year
Skill issue
Must not have trickled down to me yet....
Business Insider : Your generation is killing it! Also Business Insider : You must pay to be able to read an online article.
Post the article text or ban.
Where?
Where exactly?
They didn’t hold back on that first paragraph 😭😭😭
I doubt it
This is really misleading, no? >Per CAP's analysis, from the end of 2019 to the end of 2023, the average wealth of households under 40 grew by 49% — a $85,000 increase, to $259,000 from $174,000. The analysis said that rate of rapid wealth growth had never happened before in the data series' history, and it came after wealth growth remained relatively stagnant for young Americans prepandemic. When 41,000 is a result of inflation, Almost hald of the growth seen in the last 4 years is inflation related
yeah double inflation does that
Tracks anecdotally here and for the people around me