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Fed report says Great Recession made millennials poorer than older generations

People shopping. Photo: Emanuele Cremaschi/Getty Images

A study conducted by the Federal Reserve published this month finds that millennials have "paid the price for coming of age" in the midst of the Great Recession and are less financially stable than previous generations, NPR reports.

Why it matters: The study explains that millennials tend to have less assets and wealth than previous generations, stemming from the side effects of the Great Recession in the late 2000s and early 2010s. Because of the financial obstacles millennials have had to deal with because of the recession, NPR notes, their willingness to spend has lessened while their attitudes toward saving money has become more favorable.

Go deeper: Being 30 then vs. being 30 now

Go deeper

Courtenay Brown
29 mins ago - Economy & Business

2020 was the economy's worst year since 1946

Source: FRED; Chart: Axios Visuals

The U.S. economy grew at a 4% annualized pace in the last quarter of 2020, meaning the economy shrank by 3.5% for the full year, the government said on Thursday.

Why it matters: One of the last major economic report cards of the Trump era shows a sharp slowdown in growth compared to the previous quarter, as the pandemic got worse and government aid petered out. It was the worst year for the economy since 1946 and the first time GDP shrank since 2009, when it fell 2.5% during the Great Recession.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

How GameStop exposed the market

Illustration: Eniola Odetunde/Axios

Retail traders have found a cheat code for the stock market, and barring some major action from regulatory authorities or a massive turn in their favored companies, they're going to keep using it to score "tendies" and turn Wall Street on its head.

What's happening: The share prices of companies like GameStop are rocketing higher, based largely on the social media organizing of a 3-million strong group of Redditors who are eagerly piling into companies that big hedge funds are short selling, or betting will fall in price.

Go deeper (2 min. read)Arrow
Caitlin Owens, author of Vitals
2 hours ago - Health

Who benefits from Biden's move to reopen ACA enrollment

Photo: Chip Somodevilla/Getty Images

Nearly 15 million Americans who are currently uninsured are eligible for coverage on the Affordable Care Act marketplaces, and more than half of them would qualify for subsidies, according to a new Kaiser Family Foundation brief.

Why it matters: President Biden is expected to announce today that he'll be reopening the marketplaces for a special enrollment period from Feb. 15 to May 15, but getting a significant number of people to sign up for coverage will likely require targeted outreach.

Go deeper (<1 min. read)Arrow

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