American millennials think they will be rich – data suggest they probably won’t

MORE THAN half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires; one in five think they will get there by the age of 40. It finds that millennials are less wealthy than people of a similar age were in any year from 1989 to 2007. A paper by the Federal Reserve, published last year, found that millennial household incomes were 11% lower than they were for people in Generation X (those born between the mid-1960s and 1981) at a comparable age; they were 14% lower than for baby boomers at the same point in their lives.

Source: www.economist.com