Just as Millennials approach their prime work and family-forming years, poor finances are complicating how they assemble the building blocks of success. Stagnant incomes, rising debts, and a broadly weakened financial profile have contributed to creating a new story line: Millennials are accumulating less wealth than their generational predecessors and appear unlikely to replicate the economic trajectory of their parents and grandparents.
Despite its dramatic emergence and real world consequences, the Millennial wealth gap has received scant attention to date. This event marks the release of a new book to address that. Chapter authors will be featured and present highlights of their work examining the data, identifying trends, and exploring the underlying dynamics of the generational distribution of wealth in America today. This collection of essays provides a foundation to advance a set of large-scale policy interventions capable of responding to the economic vulnerability of the Millennial generation and create new pathways to progress.
The Aspen Financial Security Program’s Director of Insights and Evidence Genevieve Melford joined New American’s The Millennials Initiative for an extended discussion of generational wealth and financial health, components of the Millennial balance sheet, and implications for social policy.