A recent study has highlighted the growing wealth gap and lifestyle differences between millennials and baby boomers.
The research, conducted by the University of Cambridge, Humboldt University Berlin, and Sciences Po, compares the career and life trajectories of both generations in the United States.
Millennials in the Workforce
The study reveals that millennials are less likely to enter high-status occupations compared to boomers. Only 7.3% of millennials have pursued prestigious careers in law or medicine by age 35, significantly lower than the 17% of boomers who had done so by this age.
Home Ownership and Financial Stability
Homeownership rates are lower among millennials, with only 49% owning homes at 35 compared to 62% of boomers.
Furthermore, 14% of millennials have a negative net worth, indicating more significant financial struggles than their boomer counterparts.
Changing Family Dynamics
Millennials are also delaying marriage and childbirth, with only 13% marrying and having children early, compared to 27% of boomers. This reflects a broader societal trend of declining marriage rates in the U.S.
The research poses a moral and political challenge, indicating a shift in how different family and career patterns are rewarded in contemporary society.
The study suggests that the wealthiest millennials have accumulated more wealth than their boomer counterparts, while the poorest are left further behind.
With information from: Fox Business