Did Millennials Take A Step Back?

It takes longer for young people to get ahead financially; they often have zero net worth in their late 20s. The good news is the millennial generation is the most educated generation ever. In theory, millennials will make more money in their 50s and 60s than prior generations. It depends how well they adapt to changes in technology.

Furthermore, it will be interesting to see if the past two years changed anything. Obviously, we’ve seen a slew of 30-something millennials buying houses. Many bearish economists claimed millennials would never be able to afford houses. There is a dramatic difference between life events occurring a few years later and them not occurring at all. Millennials need to build up equity and pay down their student loans to grow their net worth. In the pandemic, many student loan payments were delayed. Since millennials are so highly educated, it means they were more likely to work from home than older generations which probably boosted their savings.

People Want Life To Go Back To Normal

The COVID-19 pandemic is over in America and a few other countries due to successful vaccination efforts. It’s definitely not over in many emerging markets such as India and Brazil. Countries who have controlled the pandemic should put their efforts towards helping the ones with vaccine distribution issues. In America, the seven-day average of new COVID-19 cases has fallen to just 15,037 as of June 3. That is the lowest reading since late-March 2020 which was just a couple weeks into the pandemic when there wasn’t much testing. The seven-day average of new deaths fell to 428 which is also the lowest since late-March.

As you can see from the chart below, 56% of Americans in late-May said they wanted to lead normal lives as much as possible. That is the highest reading since the pandemic started. It finally passed the percentage who want to stay home as much as possible. This survey is actually a delayed reaction to the vaccination results. People probably need a few weeks to psychologically adjust to the changes. The first big moves back to the office will be in June. We should see the office occupancy rate spike this summer. Many are projecting everything to be back to normal by Labor Day. Many areas are ending mask mandates.

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Disclaimer: The content in this article is for general informational and entertainment purposes only and should not be construed as financial advice. You agree that any decision you make will be ...

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