from the St Louis Fed
– this post authored by Ana Hernflndez Kent, Senior Researcher, Institute for Economic Equity; and Lowell R. Ricketts, Data Scientist, Institute for Economic Equity
In 2018, we published an essay in our Demographics of Wealth series in which we explored the impact of the Great Recession on young families. Our results showed that families headed by those born in the 1980s[ 1] (referred to as “older millennials,” the youngest group we analyzed at the time) were about 34% below wealth expectations. (By “wealth expectations,” we mean a predicted level based on the wealth held by families in that generation and earlier generations at similar ages.) This led us to ponder whether older millennials would become part of an economically “lost generation.”
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