Study after study show the same thing. The millennial generation is preparing for retirement. They are overly conservative with money. See below.
Despite the facts, millennial’s actually don’t think highly of themselves. They do not believe they are saving enough. According to a new study by BOA 47% have over 15K saved and 16% have over 100K saved. I have many interactions with millennial’s. When the issue of how much money they have saved comes up, the number is always surprisingly high. Contrast this with the baby boomer generation. Most of them I talk with have nothing saved. They are not worried about it. They think the millennial generation is going to pay for their medical bills and social security. The present value of unfunded liabilities have been estimated to be 200 trillion dollars. Baby boomers do not realize that the US government is going to default on all of these unfunded liabilities. Baby boomers always fail to explain where this money will come from. They have complete faith in the political system. Millennial’s do not have faith in the political system. Certain municipalities have already went bust and defaulted on pensions. The baby boomer generation can be summed up in one word: delusional.
When it comes to unemployment millennial’s are 100 basis points behind baby boomers.
This is despite the fact that the baby boomers have 20+ years experience on millennial’s.
Millennial also constitute a large share of the work force. See below for break downs.
I am not worried about the millennial generation. They are saving for the future. In a recession, cash is king. Baby boomers talk about the unfunded liabilities as if it is not their problem. It is their problem. One day, interest rates will rise. The US government will not be able to service its debt. The federal reserve will try its best to contain the crisis. They will make the crisis worse. When I talk to baby boomers about these issues I go back to one word: Delusional.