Most Millennials Expect to be Wealthy, but Have a Long Way to Go
November 8, 2019
Young people are optimistic about their future. Despite high housing costs, stagnating wages and a mountain of student debt, most millennials say they expect to be wealthy. A recent survey found that two-thirds of millennials, ages 22 to 37, think they will become wealthy.
How they define “wealthy” varies, but the same survey found that 55 percent define it as being able to live comfortably without worrying about money. One-fifth were willing to define wealthy as having $500,000.
Most, however, fall far short of this. According to Pew Research data, as of 2016, the median net worth for millennial households was just $12,500. This less than both Generation X and the Baby Boomers had at the same age.