Despite the pandemic-induced recession of 2020, new data from the Federal Reserve shows that America’s young adults have doubled their assets over the past four years.
According to the Federal Reserve data, this marks the first time the assets millennials have exceeded $10 trillion.
It is interesting to see the shift in wealth from one generation to the next. The covid-19 pandemic has definitely had a large impact on millennials as there has been a great deal of layoffs amongst this demographic. Overall, “the percentage gains seen by millennials in 2020 far exceed advances by Gen X and the baby boomers, but younger Americans still only hold a small fraction of the wealth of older adults.”
Further, the wealth of many younger Americans could see a rocky future. A recent survey found that people 40 and younger saw the lowest likelihood of finding a job in the next three months than at any time since 2013.
While millennials have certainly accomplished a lot when it comes to accumulating assets, there is always room for learning and improvements. Whether you are just starting out and need someone to help you establish a budget or financial plan, or are questioning what to do with any extra cash you may have laying around, book a complimentary 30-minute consultation on our site.