From Home Furnishing Business
Fast Fact: Millennials’ Lower Income and Student Debt, Negative Net Worth
In 2018, the youngest Millennials became adults now spanning ages 18 to 36, officially making the generation the largest since the Baby Boomers. According to data from the U.S. Census Bureau and the National Association of Colleges and Employers (NACE), many Millennials are facing economic hardship depending on their proximity in age to the Great Recession.
Last year’s $34,067 median income for Millennials has yet to surpass 25 to 34-year-olds in 1974. Meanwhile 35 to 44-year-old’s income fared better post-recession and at $42,012 in 2016 is nearly back to the median income in 2000.
Possibly the strongest deterrent to economic success for Millennials is overwhelming debt. The average net worth for a Millennial just out of college, at age 23, is negative $33,984. Even with an average starting salary of $52,569, it takes many millennials a long time to crawl out of student loan debt.
For a closer look at the numbers, click here.