Millennials have more wealth than previous gens at the same age, but don’t feel wealthy. Despite the gen having a total worth of $15.95T, many young people still feel financially insecure because of a phenomenon called “phantom wealth.” While they may have assets like home equity and retirement funds increasing their overall wealth, that doesn’t help with daily cash flow. In fact, things like rising home values caused median wealth to quadruple from 2019 to 2022, but owning a home hasn’t necessarily provided financial relief to young owners. Even though incomes are rising and there’s some optimism, high expenses like mortgages and childcare are still straining budgets. Because of it all, many Millennials—and even some Gen Z—are now classified as “HENRYs,” which stands for high earners, not rich yet. (NBC News)
📊 YPulse data: 54% of 25-39-year-olds agree, “I consider myself financially stable”
