MOSCOW (Sputnik) — The US generation of young millennials earns less than the similar group of young people in 1989, while the youth’s net wealth has fallen by 56 percent, according to a report by US advocacy group for youth.
"Baby Boomers were much more financially secure than Millennials when they were the same age. Boomers earned higher incomes, amassed greater assets, were more likely to own homes, and had greater net wealth when they were young adults than today’s young people," the report, released Friday by US advocacy group Young Invincibles, which analyzed data from the US Federal Reserve, read.
According to the data presented in the report, the annual earnings of millennials dropped by 20 percent, from $50,910 in 1989 to $40,581 in 2013. The net worth (differences between total assets and total liabilities) dropped by 56 percent, from $25,035 in 1989 to $10,900 in 2013. The total assets of youth fell by 52 percent, from $61,277 in 1989 to $29,350 in 2013.
The higher education remains a best basis for financial security, despite the rising cost of a college education. The cost of public college education nearly tripled from $3,454 in 1989 to $9,410 in 2013.
According to the report, the debts, caused by college and higher education, negatively influence the financial security of the young adults.
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