Millennials get a lot of press -- good and bad -- but Credit Suisse reckons they should have our sympathy.
Its Global Wealth Report says those who came of age after the turn of the century have had a “run of bad luck,” and that low wealth tend to be disproportionately found among the younger age groups.
“They faced the rigors of the financial crisis... and have also been widely hammered by high and rising house prices, rising student debt and increasing inequality. Millennials are not only likely to experience greater challenges in building their wealth over time, but also greater wealth inequality than previous generations.”
While relative youth means they’ve as yet had little chance to accumulate assets (or are spending all their money on avocado toast), Credit Suisse says they face “particularly challenging circumstances.”
Comparisons with the baby boomers may not be strictly fair, but the report notes that millennials are doing less well than their parents at the same age, especially in relation to income, and home ownership. Their pension outlook is also worse than that of preceding age cohorts.
“On the whole, they are not what one would call a lucky generation,” Credit Suisse said.
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