In a data-driven deep dive, the Huffington Post reports on the rising student debt numbers and weakening 401(k) returns that are hurting Millennials — America's largest generation.
The bottom line: "Millennials are facing the scariest financial future of any generation since the Great Depression," per the Huffington Post's Michael Hobbes.
The numbers for millennials:
- 300% more student debt than their parents, on average.
- 1/2 as likely to own a home as young people — ages 25–34 — were in 1975.
- One in five of young adults live in poverty.2.9% average annual returns on 401(k) plans, compared to 6.3% returns for baby boomers.
- Many millennials will have to work until the age of 75, based on an analysis of federal data.
- A typical 2009 college graduate could earn up to $58,600 less than a typical 2007 college graduate over a decade, based on current trends.
- The American racial wealth gap is widening, with the median white household projected to have 86 times more wealth than the median black household by 2020.