Baby boomers might tell millennials to stop whining about how hard it is to find a job that pays a living wage, but an analysis of Federal Reserve data found that the younger generation is genuinely worse off than their elders.
Young Invincibles, an advocacy group that focuses on empowering young Americans, analyzed the Federal Reserve data on Jan. 13 and concluded that millennials are better educated than baby boomers, but earn 20 percent less than they did at the same stage of life, with millennials seeing a median household income of $40,581, reports The Associated Press.
Additionally, millennials have higher student debt, half the net worth and a lower rate of home ownership than boomers.
The data looked at people aged 25 to 34 in 2013, as well as the same age group in 1989 and found that millennials, particularly those who are white, have seen their median income drop over the years. Median white millennial incomes have decreased by 21 percent, while the same figure for blacks has fallen 1.4 percent. Latinos have seen a massive change in the other direction, earning almost 29 percent more than boomers.
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Even though education helps raise income levels, the effects are minimal when compared to previous generations. With adjustments for inflation, the median millennial with student debt and a degree earns only a tiny bit more than a baby boomer did in 1989.
The median net worth for millennials, meanwhile, has dipped 56 percent lower than it was for boomers, to just $10,090.
"The challenges that young adults face today could forecast the challenges that we see down the road," said Tom Allison, deputy policy and research director at Young Invincibles.
Many millennials say the economy is one of the most important issues the country needs to address. During the 2016 presidential election, the age group said that the economy mattered the most to them when selecting a candidate, while many said that they voted for President-elect Donald Trump in the hopes that he would boost their chances to find financial and career success, a Millennial Impact Report study conducted after the Nov. 8 election found, according to Roll Call.