Baby boomers’ wealth 12x more than millennials

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(FOX NEWS) – The wealth gap is growing wider between two particular American generations.

“MagnifyMoney”, a consumer site on personal finances, says the wealth gap between baby boomers and millennials has grown into a full-blown chasm.

MagnifyMoney analyzed federal reserve data going back to 1998.

The average of those from 52 to 70 years old have a net worth increase of almost half a million dollars since 1998 up to about $1.2 million.

Those from 20 to 35 years old in 1998 actually lost net worth from then to now from over $103,000, to just under $100,000.

Rising housing costs, student debt, the 2008 recession, and millennials’ fears about investing such as 401K’s were cited as reasons for the gaps.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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