Millennials today—those born between 1981 and 1996—are in the prime of their lives, and with a population of more than 72 million, they would seem set to be a major force in society and the economy.
But the story is not so simple. Many millennials entered the workforce during or shortly after the Great Recession, when job openings were low and unemployment was high. On top of that, most who attended college experienced dramatic increases in the cost of higher education without proportional rises in wages. More recently, the housing market witnessed exploding costs right as millennials entered peak homebuying age. And while high inflation in the last two years has affected all parts of the economy, younger households have been especially challenged. The economic headwinds facing millennials have meant that members of the generation have, in many respects, fallen behind previous generations in reaching life milestones and creating wealth.
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