Pity the poor millennials. Drowning in student debt, workingat jobs with low pay and struggling to save for retirement—whenthey think about retirement, that is.

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And there’s a good reason for that: millennials are making 20percent less than boomers did at their age—and that’s despite thefact that they’re also better educated than boomers were when theywere younger.

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CNBC reported that, according to a new analysis ofFederal Reserve data by the advocacy group Young Invincibles,millennials’ median household income is just $40,581.

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In addition, they’ve only managed to amass half the net worth ofboomers, have lower rates of home ownership and have way morestudent debt than boomers carried at that stage in their lives.

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Related: Why millennials are interested in savingfor retirement

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The Fed data compared figures for 25-to-34-year-olds in 2013,the most recent year available, to the same age group in 1989 afteradjusting for inflation, and what it found was far from pretty.

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White millennials are on a downward slide, with their medianincome falling more than 21 percent to $47,688. The news is evenworse for black and Latino millennials; although they haven’tfallen as far—black millennials’ median income has fallen 1.4percent to $27,892, while Latino millennials earn nearly 29 percentmore than boomers at their age did, at $30,436—they’re stillearning way less than their white contemporaries.

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And the value of those very expensive, debt-laden sheepskins?Not what you might think.

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Although education does help increase incomes, the sad news isthat the median college-educated millennial with student debt isonly earning a little more than a baby boomer without a degree didin 1989.

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And homeownership? In 1989 it was 46 percent, but that’s fallento 43 percent. The only bright spot in this news is thatmillennials with a college degree are higher on the homeownershipscale than boomers were at their age.

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The report cited research last year by economists led by RajChetty of Stanford University, which found that people born in 1950had a 79-percent chance of outearning their parents. But that’sbeen on a steady decline, and those born in 1980 have only a50-percent chance of making more than their parents did.

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And that’s despite the fact that millennials are better educatedthan boomers were; in 1990, the proportion of 25-to-29-year-oldswith a college degree as 23.2 percent, while the BrookingsInstitution found that by 2015 that had risen to 35.6 percent.

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All of this is bad news, of course, but not just for themillennials caught in this bind. Not only do they not have enoughspare cash to set aside for their own retirement, but theirlackluster earnings could hurt boomers who are either retired orjust about to do so.

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Boomers’ finances could be in jeopardy since millennials’payroll taxes are helping to finance Social Security and Medicarebenefits, and since they’re the people that boomers are hoping tosell their homes to. At this rate, they could all be up the creekwithout a paddle before long.

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