Young Americans are waking up to their grim financial future [Los Angeles Times (CA)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Los Angeles Times
Young Americans are waking up to their grim financial future Lately I’ve been losing track of how old everyone is. Friends, co-workers and family members are resisting middle age with vigorous exercise, careful diets and regular doctor visits. Even when 50-year-olds look like they’re 50, they often dress or party as if they’re still in their 20s. Our capacity to fetishize youth never ceases to amaze. But while some older Americans want to look like younger folks, they certainly don’t want their finances to follow that path. That’s because the wealth gap between generations keeps widening, and their children’s future is beginning to look ugly. Just two years ago, the median American born in the 1980s — the cradle of millennials — had family wealth that was 34% below what earlier generations held at the same age, the Federal Reserve Bank of St. Louis reported last month. And all the data show it’s probably going to get worse. As affluent baby boomers thank years of soaring markets for t
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