Elder Millennials Fall Behind in Wealth as Debt Mounts
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Elder millennials faced economic hardship from past recessions and are now struggling with slowing wage growth and less wealth.
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They are falling behind younger millennials in homeownership rates and accumulating high debt, while still spending to maintain their lifestyle.
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Elder millennials hold the most median debt ($140k) of any age group but only earn a median income of $65k.
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Workers ages 30-49 have the highest total debt levels (over $8 trillion combined) and are seeing more foreclosures and bankruptcies.
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The traditional milestones of adulthood like homeownership and financial stability have become difficult for elder millennials to attain.