Over the past 10 years we have been barraged by news of the millennial generation who are charting a new course with different values impacting housing, retailing, the workplace, social mores, and a host of other ways that are changing society. Well, the Wall Street Journal yesterday popped a hole in the balloon reporting in a front page article that millennials are amazingly approaching middle age and are in worse financial shape than every other generation before and after.
According to the WSJ, they have less wealth, less property, lower marriage rates and fewer children. The financial crisis was a significant influence in dampening millennials early career opportunities, coupled with other shifts in the economy that changed the game.
There is a bright spot however. Millennials are entering their prime earning years as baby-boomer go off into the sunset and retire. That should fuel demand and provide an opportunity for millennials to reset financially. However, it will be interesting to observe how millennials balance their fresh idealism with economic reality.
