BCG Chief Economist Philipp Carlsson-Szlezak pushes back on the popular narrative that younger generations face worse economic prospects than their parents. Gen Z and Millennials are ahead on income and wealth at the same ages, but their path looks different, with later homeownership and more money in stocks. The bigger gap may be between expectations and reality.
The Kids Are Alright: The Timeless Angst over Young People and Money
BCG
Philipp Carlsson-Szlezak, Paul Swartz
Research
15 Pages
Key Takeaways
Gen Z Out-Earns: At age 28, Gen Z earns a median income of $42,000, about 25% more than Millennials and 50% more than Baby Boomers at that age.
Millennial Wealth Lead: Millennials held an average net worth of $331,000 at age 34, compared with $251,000 for Gen X and $229,000 for Baby Boomers.
Expectations Outrun Reality: Gen Z says it needs a $600,000 salary to feel financially successful, a 99th percentile income versus a median salary near $60,000.
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