By author Tom Williams
Millennials often are the brunt of many jokes and criticism concerning their future. A recent analysis found that 14 million adults between the ages of 23 to 37 live with their parents, a sign that some millennials may have financial burdens. The analysis by Zillow determined that 21.9 percent of millennials lived with their parents, up from 12.7 percent in 2000.
Until the recent generation of Millennials, it has always been said that the next generation would do better than the previous one. Looking at recent data, the evidence is increasingly clear that 50% of the Millennial generation will underperform their parents.
Millennials’ fate will depend largely upon whether they’re the progeny of wealthy families or not. Those who can depend on “the bank of mom and dad” for an interest-free loan (or a generous inheritance) will always have an advantage in procuring the best homes, jobs and school placement as entry to the upper echelon of society still largely depends on having access to the best schools and alumni networks. Millennials who don’t enjoy these advantages will be forced to compete in a market set up to cater to those who do.
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By Tom Williams