The millennial disadvantage is real: Many millennials are worse off in financial terms than parents

The millennial disadvantage is real: Many millennials are worse off in financial terms than parents

- in Personal Finance

Most millennials will struggle to earn more money and find better jobs than the parents despite being better trained, according to a Credit Suisse study

ZURICH — Most millennials will struggle to bring in more money and find better jobs compared with their parents despite remaining more highly trained, according to a survey by Credit Suisse.

Defined by the U.S. Census Bureau being those born between 1982 and 2000 — so involving 35 and 17, now — millennials face tougher borrowing rules, rising home prices, less usage of pensions and lower income ability to move, the study said, creating a “excellent storm” holding back wealth deposition.

“With the baby boomers

occupying a lot of the top jobs and much of your housing, millennials are doing less properly than their parents in the same age, especially in regards to income, home ownership and other dimensions of wellbeing,” the Swiss lender wrote in its annual World-wide Wealth report, published on Tuesday.

As a result only high achievers and those in lucrative spots like technology and financial have better prospects as compared to their parents.

“We hope only a minority of excessive achievers and those in high-demand groups such as technology or financial to effectively overcome any ‘millennial disadvantage,”’ Credit Suisse Chairman Urs Rohner said in the report.

Overall, Credit rating Suisse found global wealth with mid-2017 totalled US$280 trillion, up 6.Four per cent year-on-year, the fastest pace involving growth since 2012 owing to surging equity markets and a lot more valuable non-financial assets such as property or home.

However, the wealth is very much concentrated.

Some 36 million millionaires making up less than 1 percent of the adult population personal 46 per cent of global house wealth; 70 per cent connected with adults — 3.5 mil people — own less than US$10,1000 in assets and are the cause of 2.7 per cent of wealth.

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