Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.
Baby Boomers Hold Half of the Nation's $140 Trillion in Wealth. A chart that shows a breakdown of the 140 trillion dollars in total wealth in the U.S. held by four generations in which the baby boomers who were born in 1946 to 64 have the most, with 78.3 trillion dollars in assets.
According to Finder's Consumer Confidence Index, Gen Z saves an average of $857 per month, while millennials save $294. Gen Z also has an average of $10,062 in savings compared to $7,165 for millennials.
When you look at the generational wealth divide, boomers do hold the bulk of the net worth in the United States: As of year-end 2022, that's more than $73 trillion for boomers, with a little more than $40 trillion for Gen X and just $8 trillion for millennials.
Let's start by providing a simple definition… The term “generational wealth” refers to any assets passed down by one generation of a family to another. These assets can include stocks, bonds, real estate, family businesses and any other investments.
According to the Federal Reserve's 2019 Survey of Consumer Finances, Americans under age 35 (a mix of millennials and Gen Zers) have an average net worth of $76,000.
A CM Group consumer research effort that polled 1,000 consumers found Gen Z consumers are better educated, more practical, more ambitious and more skeptical than Millennials.
Gen Z workers, aged between 18 and 26, make up about 35% of those wanting to quit, while millennials (aged 27 to 42) are another 31%.
Nearly Half of Gen Z and Gen X Have $0 Saved for Retirement
Motivation to save for retirement varies vastly among generations. Forty-seven percent Gen Z respondents have no retirement savings in the bank and make up the group least motivated to start saving.
“We were in our 20s when we were named Gen X,” Anthony Sperduti, 50, founder of the branding studio Mythology, said. “So maybe X sounds good to us, because it seeped into our brain.” At 52, Mr. Musk falls right into that demographic.
Gen Zers are known for working, shopping, dating, and making friends online; in Asia, Gen Zers spend six or more hours per day on their phones. Digital natives often turn to the internet when looking for any kind of information, including news and reviews prior to making a purchase.
If you want a month-wise breakup then, the highest number of billionaires, at 11, were born in October, followed by five each in August and June, four each in January, February, March, April and September, three in May, two in July and one in November. No billionaires were born in December.
Is Gen Z the poorest generation? Gen Z has experienced higher poverty rates than millennials, Gen Xers and baby boomers, according to the KIDS COUNT Data Center, but Gen Alpha is the poorest generation to date.
As it stands, the Baby Boomers (born 1946-1964) are America's most wealthy and influential generation.
The Briefing
The age group with the highest average net worth in the U.S. is the 65-74 group, with $1.22 million in 2019 dollars. There is a significant gap between median and mean (average) net worth in nearly every age category, suggesting that mean values are skewed upwards by outliers.
Members of Generation Z report higher rates of depression and a number of other mental health conditions than do generations before them. At the same time, they are more likely than previous generations to report these problems, positioning those who seek help in a place to receive it.
At the root of this issue, the experts say, was the COVID-19 lockdowns and restrictions enforced at the height of the pandemic, many of which prohibited or restricted working from the office or workplace and attending school or university in person, which significantly impacted Gen Z's social circles as well as their ...
Increased awareness and destigmatization of mental health issues, which may encourage more individuals to seek help and receive a diagnosis. Increased stressors such as academic pressure, social media use and economic uncertainty, which may contribute to the development of mental health issues.
Gen Z moms feel less confident.
They put more emphasis on being the "perfect mom" compared to Millennials, and they strive to reach more parenting ideals, from keeping kids busy to owning the scheduling for the entire family.
Millennial Education and the Workplace
Millennials are the most educated generation ever. This trend is likely due to higher income returns from a college education, as well as many young people choosing to wait out the recession and lack of jobs by staying in or returning to school.
Gen Z has learned to think, learn, and communicate in an environment defined by wireless internet ubiquity, wholesale technology integration, infinite content, and immediacy.
(Financial Independence, Retire Early) movement, hustle culture and the Girlboss ethos dominating the past decade, Gen Z is embracing “soft saving.” Nearly 3 in 4 Gen Zers say they would rather have a better quality of life than extra money in the bank.
Data shows that as Gen Z enter and rise through the workforce, they're highly pay motivated – and perhaps more than any other generation right now.
Gen Z Is Saving Money
Of those surveyed, 69.1% are currently saving some amount of money. And within that group, 56.4% are putting money away for their first home. It makes sense that this demographic has prioritized saving for a house.