Millennials Could Be The Greatest Generation Ever

Great news for all of us – Millennials may yet become the Greatest Generation Ever!
They’re certainly off to a good start.
Millennials , as a group, are the most diverse generation, the most open-minded generation, the best educated generation, and give the tools at their disposal like AI and Crisper, there is every reason to expect Millennials to be the most creative and productive generation ever.
Hampered by record levels of student debt and hardened by fire early in their careers by the Great Recession, Millennials have been slower to marriage and home ownership than previous generations of Americans.
This series of charts by Goldman Sachs lays out the numbers. https://www.goldmansachs.com/insights/archive/millennials/
As their study notes, “millennials’ progress through life has been measurably retarded by the Great Recession, a two-track labor market in which many high-paying jobs require a college education and record levels of student debt.”
With an expanding economy and many Millennials advancing in their careers, expect the largest generation in American history to get over a hump that will unleash even more economic activity from them.
The student debt problem is real, for sure.
According to the Federal Reserve Bank of New York, “In 2004, when the first wave of millennials graduated college, Americans owed about $260 billion in student loans. In 2018, when the youngest millennials were graduating, the figure had multiplied almost by a factor of six, to $1.46 trillion.”
A recent Federal Reserve report confirmed that debt has held young Americans back.
About “20 percent of the decline in homeownership among young adults can be attributed to their increased student loan debts since 2005,” Fed economists Alvaro Mezza, Daniel Ringo and Kamila Sommer found. “This represents over 400,000 young individuals who would have owned a home in 2014 had it not been for the rise in debt,” they wrote.
Look for Millennials to be more and more of an economic powerhouse. Smart businesses will be attunded to their needs and attitudes.

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