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According to a new study, the millennium generation has a much lower net worth than previous generations.
The average net worth of Americans aged 18 to 35 is less than $ 8,000, down about 34% from 1996, according to a Deloitte study released Wednesday.
Despite the clichés that millennia "ruin everything from cinema to marriage," the study found that millennials are under increasing economic pressure because of the dramatic increase in costs over the past decade.
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According to the Washington Post, the costs of education have increased by 65% over the last 10 years. The study found that student debt increased by 160% between 2004 and 2017. Other costs, such as catering, health care, housing and transportation, also increased.
"What we have learned is that the consumer has not fundamentally changed, but as far as it evolves, it is because the environment that surrounds it is evolves, characterized by economic constraints and new competitive options, "says the study. "They change because of the financial constraints they are in."
The Post reported that people aged 20 to 30 ten years ago spent about 12% of their income on education, health care and rent, but millennials now spend about 17% of their income in these expenses, while spending their spending on restaurants and alcohol remained about the same, at about 11 percent.
The survey, which surveyed more than 4,000 consumers, revealed that the millennials are waiting to get married and buy a house because of rising costs and not because they want to wait.
"Millennials are said to be ruining everything from breakfast cereals to weddings, but what matters to consumers today is not much different from what it was there are 50 years, "Kasey M. Lobaugh, head of retail innovation at Deloitte, and the study's senior author said, according to The Post.
"In general, there has been no dramatic change in the way consumers spend their money," he added.
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The study found that in the United States, "the retail market has grown and continues to grow," with a 13% increase since 2005. However, researchers attribute it to population growth rather than to people spending more money.
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