Net Worth for Millennials: How Do You Compare to Your Generation?
Written by
Heather Altamirano
Edited by
Amber Barkley
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Most people know how much their monthly bills are, the amount of money they have stashed away in savings and their annual salary, but not everyone knows their net worth — your total value of assets minus your debts, like house, cars and credit cards. Knowing your net worth is important, because it can help you stay on track with your goals and is a measure of your financial health.
While younger generations tend to have a lower net worth because they haven’t had as much time in the workforce to build wealth and assets, millennials are in a better financial situation than prior generations at their age. Here’s a look at millennials’ net worth per a recent Kiplinger study and the financial hurdles the generation has overcome.
Millennials’ Net Worth
Every decade, your net worth should significantly increase, per Kiplinger’s study. Millennials, who are in their late 20s to early 40s, have an average net worth between $110,241 and $776,880.
Here’s a breakdown of average household net worth for every age:
- 20s: $110,241
- 30s: $309,736
- 40s: $776,880
- 50s: $1,389,297
- 60s: $1,689,144
- 70s: $1,617,721
- 80s: $1,514,349
- 90s: $1,289,391
Millennials’ Financial Hardships
Known for being tech-savvy, infusing their moral values into the workplace, living sustainably and being socially conscious, millennials have faced hard economic times.
The generation, those born between 1981 and 1996, has weathered a rocky job market after the Great Recession, which affected their earning abilities, and skyrocketing housing costs. According to the Education Data Initiative, millennials also have high student loan debts to tackle.
Overcoming Financial Woes
Every generation encounters financial woes. However, millennials have faced exceptionally harsh financial times — but have come out ahead. According to LendingTree, millennials have a much higher net worth than previous generations.
In 2022, millennials were aged 26-41 and had a net worth of $84,941, while boomers in 1989, aged 25-43 at that time, had $58,101, adjusted for inflation, in assets and money. In 2007, Gen X, aged 27-42 at that time, had a net worth of $78,333.
While millennials have endured multiple financial crises, the generation is catching up and breaking the negative stereotypes of laziness and inability to keep their jobs. Today, millennials are excelling for many reasons, CNBC Make It reported, including rising home values, a strong stock market, COVID-19 pandemic effects — such as student loan payment delays — and not going out as much, which allowed the generation to pay down debt.
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