"The baby [boomer] generation has really gobbled up a huge share of household wealth, so it's left a lot less for other age cohorts."
"America's septuagenarians were raised by parents who came of age during the Great Depression and learned the hard way the lessons of frugality and the importance of saving money."
"In the 1970s when many baby boomers entered the housing market, inflation surged, making buying a home an appealing investment."
Baby boomers currently possess a record high of 31% of U.S. wealth, up from 19% in 1989. They hold over $85 trillion in assets, while millennials and Gen Z hold $18 trillion and $6 trillion, respectively. The financial success of older Americans contrasts sharply with younger generations facing economic challenges, including job scarcity and debt. Baby boomers benefited from favorable economic conditions during their formative years, particularly in the housing market, which contributed to their wealth accumulation.
Read at Fortune
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