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Comparing Earnings Across Generations
Millennials are currently expected to have lower life time earnings than their parents. This would make them the first generation to do so. The recent recession plays a role in this in reducing the overall earnings for everyone involved. On top of this, Baby Boomers also owned their own home at a much earlier stage of their life than Millennials on average. Boomers were also among the last generation to be able to take advantage of the now scarce pension programs. This will make the already difficult task of saving for retirement, something even Baby Boomers struggle with, even harder for Millennials. For more information on this subject, visit this article by Alanna Petroff with CNN Money.
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