Millennials Report Better Finances Than Earlier Cohorts, Survey Finds
A recent poll shows that nearly half of millennials say their financial situation has improved compared with five years ago, outpacing Gen X and baby boomers.
Chime’s poll of 3,000 American adults reveals that a sizable share of millennials believe their finances have improved since 2021, a sentiment less common among Gen X and baby boomers. Federal data shows millennials own about $4.94 trillion in equities, and their net worth has grown substantially, yet they lag in home ownership, with only about a quarter owning a house compared with roughly 40% of boomers. The median age for a first home purchase has climbed to 40, and many millennials are delaying other milestones such as having children.
Attitudes differ within the generation: younger members view renting as freedom and trust conventional career paths, while older members express skepticism toward the career ladder. Kevin Corinth of the American Enterprise Institute noted that by age 30 and older, millennials earn more than any prior generation at the same age.
Why it matters
Understanding millennials' financial trends helps gauge future consumer behavior and housing market dynamics.
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