'Great' wealth transfer to millennials not so great, actually $129T from boomers' $146T enabled by govt since 1980s
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The 'great wealth transfer' from baby boomers to millennials is actually $129 trillion, not $72 trillion, according to Bank of America Research. Much of this was enabled by government policy since the 1980s.
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This wealth transfer went from the government to baby boomers and older generations, who now hold $146 trillion in net worth. Boomers benefited from low interest rates, inflated housing prices, cheaper education, etc.
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Millennials and Gen Z feel they are struggling economically compared to baby boomers, with challenges like student debt, a difficult job market, and expensive housing.
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Boomers have political and financial power to advocate for a system that still benefits them. Most recent presidents and Congress members are boomers.
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While millennials stand to inherit trillions from boomers, estimates vary and boomers may retain more wealth in retirement than expected. This wealth transfer may not be as 'great' as the ones boomers already received.