Rising rent costs, rising inflation, and student loans are some of the reasons why millennials are having a hard time purchasing a home or increasing their savings.
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A report from global real estate consulting firm Knight Frank says that massive wealth transfers over roughly the next decade will likely make millennials the “wealthiest generation in history.”
The annual Wealth Report, which will be published in detailed format next week, examines the latest developments in real estate and the economy around the world.
According to the study, over the next 20 years, the so-called silent generation (typically people born between 1928 and 1945) and the baby boomer generation (those born between 1946 and 1964) will grow It turned out that he would be “handing over the reins” to those who had done so. They transfer property and stock rich assets.
In the U.S. alone, Knight Frank said the changes will shift $90 trillion in wealth between generations, making “wealthy millennials the richest generation in history.”
It comes at a time when research shows many Millennial and Gen Z adults are struggling to reach the same milestones as previous generations, let alone find room in their budgets to invest. There is. Generation Z is generally defined as people born between 1996 and 2012.
Millennials are struggling to buy a home or save more due to rising rent costs, rising inflation, and student debt. But for years, this situation has fueled the narrative that millennials are lazy, avocado toast consumers who waste their money on expensive coffee.
Liam Bailey, head of global research at Knight Frank, said this wealth transfer was occurring amid a “seismic shift” in the way assets are used.
For example, climate change is one area where there are clear generational differences in investment priorities.
“Millennials seem to be getting the message about reducing consumption, with 80% of male respondents and 79% of female respondents saying they are trying to reduce their carbon footprint,” Bailey said. .
In contrast, only 59% of male boomers are trying to reduce their impact, significantly lower than 67% of their female peers.
