Overall, millennials earn 20% less than baby boomers did at the same stage of life, according to "The Emerging Millennial Wealth Gap," a recent report from the nonprofit, nonpartisan think tank New America.
Nearly 40% of millennials 25 to 37 have at least a bachelor's degree, compared to just a quarter of baby boomers and 30% of Gen X when they were the same age, Pew Research Center found.
Lower income levels are already having a long term impact on millennials' ability to accumulate wealth, either through savings or home equity.
"Millennials are going to be on a completely lower trajectory than previous generations," says Reid Cramer, director of the Millennials Initiative at New America.
The average millennial's wealth in 2016 (ages 23 to 38) was 41% less than those who were at a similar age in 1989, the report says.
Those who entered the workforce following the recession had fewer job opportunities and lower wages, starting them off at a disadvantage.
For example, marriage rates among millennials are estimated to drop by 70% and a record number will remain unmarried by age 40, according to the Urban Institute. »