Pew Research's article Generational Equity and the "Next America" has a depressing assessment of the economic fortunes of American millennials (roughly aged 21-33):
Today’s young have the unhappy distinction of being the first generation in modern history to have a lower standard of living than their parents’ generation had at the same stage of the life cycle. Despite collecting more college diplomas than any generation in history, Millennials lag behind their same-aged counterparts of yesteryear on virtually all key indicators of economic well-being – including employment, income, wealth, debt and poverty. Half a century ago, the old were by far the poorest age group in America. Today it is the young.
The economic troubles of this generation are resulting in millennials being more frugal shoppers and having lowered overall economic expectations. Their shifting consumer patterns are impacting everything from auto sales to the housing market.
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