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The average net life of millennials is less than $ 8000 ¿the last sign that the generation is doing much worse than their older cohorts, according to a new study by Deloitte (file photo)

The average net amount of Americans aged 18-35 has fallen 34% since 1996 – proving that Millennials ARE worse off than their parents were at the same age

  • The average net worth of Millennials is less than $ 8,000 – the newest sign that the generation is performing much worse than their older cohorts, according to a new study
  • It represents a 34% decrease since 1996 in the ability of Americans between 18 and 35 years old
  • The authors attribute the inequality to the fact that millennials are confronted with rising student loans, higher rents and skyrocketing health costs
  • Now, people in their twenties and thirty years spend about 17% of their wage inspection on education, healthcare, and rent – from 12% 10 years ago, researchers said.
  • The findings contradict perceptions about millennials – which are often characterized as too large spenders who postpone home buying and have children
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The average net worth of Millennials is less than $ 8,000 – the last sign that the generation is performing much worse than their older cohorts, according to a new study.

It represents a 34 percent decrease since 1996 in the ability of Americans between the ages of 18 and 35, according to the report by Deloitte, an accountant and professional service provider.

The authors attribute the inequality to the fact that millennials are confronted with rising student loans, higher rents and skyrocketing healthcare costs.

The average net life of millennials is less than $ 8000 ¿the last sign that the generation is doing much worse than their older cohorts, according to a new study by Deloitte (file photo)

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The average net life of millennials is less than $ 8,000 – the last sign that the generation is performing much worse than their older cohorts, according to a new study by Deloitte (file photo)

& # 39; The vast majority of consumers are under enormous financial pressure & # 39 ;, says Kasey Lobaugh, Deloitte & # 39; s most important retail innovation employee and lead author of the study in an interview with The Washington Post. & # 39; That is especially true for Americans with a low income and millennials. & # 39;

The problem lies in the fact that wages do not keep up with rising costs. The price of a college education has risen by 65 percent in the last 10 years. Over the same period, food costs have increased by 26 percent, healthcare costs have increased by 21 percent and housing costs have increased by 16 percent.

Now, people in their twenties and thirty years spend about 17 percent of their wage inspection on education, healthcare, and rent – from 12 percent 10 years ago, according to the report.

And millennials spend no more than older generations eating and going to bars at their age – that kind of discretionary spending has remained consistent over the past decade, accounting for around 11 percent of income.

The findings contradict perceptions about millennials – often characterized as avocado syrup ordering excessive spenders that ruin America by delaying home buying, marriage and children.

& # 39; The story is that millennials are ruining everything from breakfast cereals to weddings, but what's important to consumers today is not much different than 50 years ago, & # 39; Lobaugh told The Post. & # 39; In general, there have been no dramatic changes in the way consumers spend their money. & # 39;

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While US retail spending has risen by about 13 percent since 2005, most of the growth is due to population growth rather than consumers actually dropping more money on goods and services.

America is also home to a growing prosperity gap, with the richest Americans (those who earn $ 100,000 or more a year) seeing their income grow 1,305 percent more than those who earn less than $ 50,000 a year.

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