(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.