Most millennials seen worse off than parents despite aptitude: study

ZURICH (Reuters) – Most millennials will struggle to earn more money and find better jobs than their parents despite being more highly trained, according to a study by Credit Suisse.

Defined by the U.S. Census Bureau as being those born between 1982 and 2000 — so between 35 and 17, now — millennials face tougher borrowing rules, rising home prices, and lower income mobility, the study said.

“With the baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of wellbeing,” the Swiss bank wrote in its annual Global Wealth report, published on Tuesday.

As a result only high achievers and those in lucrative areas like technology and finance have better prospects than their parents.

Overall, Credit Suisse found global wealth at mid-2017 totaled $280 trillion, up 6.4 percent year-on-year, the fastest pace of growth since 2012 thanks to surging equity markets and more valuable non-financial assets such as property.

However, the wealth is heavily concentrated.

Some 36 million millionaires making up less than 1 percent of the adult population own 46 percent of global household wealth; 70 percent of adults — 3.5 billion people — own less than $10,000 in assets and account for 2.7 percent of wealth.

Reporting by Joshua Franklin Editing by Jeremy Gaunt

Filed in: Top News Tags: 

You might like:

Rising Medicare costs leave many U.S. seniors with a flat COLA Rising Medicare costs leave many U.S. seniors with a flat COLA
Economist Dan Ariely has a fix for our financial foibles Economist Dan Ariely has a fix for our financial foibles
Prospect of post-Brexit boom sparks worry as well as celebration in Frankfurt Prospect of post-Brexit boom sparks worry as well as celebration in Frankfurt
Global banks flag concerns over U.S. Senate tax proposal Global banks flag concerns over U.S. Senate tax proposal
Wells Fargo consumer lending head axed after disparaging regulators: source Wells Fargo consumer lending head axed after disparaging regulators: source
Wells Fargo dismisses consumer lending head Codel Wells Fargo dismisses consumer lending head Codel
Hedge fund bet on Glencore backfires with $100 million loss Hedge fund bet on Glencore backfires with $100 million loss
Wells Fargo dismisses consumer lending head Franklin Codel Wells Fargo dismisses consumer lending head Franklin Codel

Leave a Reply

Submit Comment
© 2017 Stock Investors News. All rights reserved. XHTML / CSS Valid.