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Illustration: Rebecca Zisser/Axios

For many in the generation of young adults who came of age during the financial crisis, owning big-ticket items like houses and cars is no longer seen as wise — or necessary.

The bottom line: Formative financial anxieties were cemented just as smartphones arrived, enabling the rise of "sharing" and "gig economy" services like Uber.

Compared to Baby Boomers at the same age, millennials are:

  • More likely to live with their parents.
  • Less likely to be homeowners.
  • More than twice as likely to be unmarried.
  • Less likely to have children.

They also have more than three times as much debt, especially from college loans.

"Millennials want to hold on to the money they have" because they saw their parents lose their jobs and homes, says Morley Winograd, who has written three books about the Great Recession generation.

Apple opened its iPhone App Store just two months before Lehman Brothers went bust, creating the conditions for mobile services that reduced the need to own high-priced items like cars.

  • Even Airbnb was partially a byproduct of these dueling factors, with two of its co-founders hatching the idea after housing travelers to help pay their rent in late 2007, which is still a common reason hosts use the service, according to global policy chief Chris Lehane, who adds: "That time period is very much in the DNA of Airbnb."

Go deeper: Being 30, then and now

Go deeper

18 mins ago - World

Putin denies Russia is behind cyberattacks ahead of Biden summit

In an exclusive interview with NBC's "Today," Russian President Vladimir Putin denied that Russia is waging cyber warfare against the United States and refused to guarantee opposition leader Alexei Navalny — whose name he would not say — will leave prison alive.

Why it matters: Cyberattacks by Russian intelligence and Russian-speaking criminal groups, as well as the Kremlin's attempted assassination and jailing of Navalny, are among the topics President Biden is expected to raise at his Geneva summit with Putin on Wednesday.

2 hours ago - Health

Novavax says COVID-19 vaccine was 90% effective in Phase 3 trial

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Novavax, a Maryland biotechnology company, announced Monday that its COVID-19 vaccine was 90.4% effective in its Phase 3 trial, including against coronavirus variants.

Why it matters: The study of 29,960 participants in the U.S. and Mexico found the shot was safe and highly effective, paving the way for the FDA to clear a 4th vaccine for emergency use by the end of the year.