Are You Aged Between 18-34? Congratulations, You Are Probably Broke.
The current generation of young adults, known as the ‘millennials’ or sometimes the ‘echo boomers’, is the most educated generation in the United States. A huge percentage of them are also broke by every economic measure. So why can’t they find job security and financial stability? AJ+ labs compares the current crop of young citizens with that of their parents: the Baby Boomers.
Despite making up a similar share of the U.S. population, at 24% and 25% apiece, the levels of asset ownership and debt between the two generations are truly startling. While the boomers still have over $18 billion dollars in debts to settle, their children’s generation has over $1 trillion dollars in outstanding debts, mostly from predatory student loans which are used to finance tertiary education. That is, a college degree which for many will offer no return on investment in an economy marked by globalization, outsourcing, and technological upheaval.
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