More than half of millennials think they'll be millionaires—here's what the data suggests via CNBCMakeIt
"Median wealth among millennials in 2016 was lower than among similarly aged cohorts in any year from 1989 to 2007," when the Great Recession hit, the report says. "Median wealth among millennials was about 25% lower in 2016 than among similarly-aged households in 2007."
Millennials have certain advantages in the labor market over previous generations: They are better educated and have longer working lives. But they also have distinct disadvantages, Brookings reports. Their higher levels of education are accompanied by, and much of the generation is still recovering from entering the workforce at the height of the Great Recession.
Additionally, millennials are largely responsible for funding their own retirements, while many members of previous generations could rely on pensions and other defined-benefit plans to a certain extent.
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