Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
But whatever part of the generation you look at, their experience really shows just how important the macroeconomic conditions are when you're just setting out financially as an adult.
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Housing really is the biggest one and that has been driving this effect.
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If you look over the past four years, millennials' housing wealth grew by $2.5 trillion annually.
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even after accounting for the additional mortgage debt that they took on during that time.
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Obviously, it's not news that home prices have soared in the past few years.
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But basically, if you were a millennial who managed to buy a home, you benefited greatly from that, whether you were somebody who managed to scrape together a down payment in the early 2010s, or if you just sort of snuck in to the market more recently before prices went up.
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Another big factor is just retirement accounts.
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This is a generation that has sort of been auto enrolled into retirement contributions through their employer in a way that previous generations weren't.
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And so just that steady investment over time means that the run up in stock prices in the past few years has also really benefited a lot of millennials.
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As we look at home prices and stocks, this also underlines how wealth for all generations has increased in the past several years.
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But for millennials, it really has made the biggest percentage difference and really shaped their trajectory because they're just earlier on in their wealth building process.
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An extremely important point that came up in interviews I did with economists is that we really like to think about the differences between generations and maybe stereotype them and talk about the differences between them.
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But in fact, inequality within generations is sort of a more urgent and important issue.
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distinction than inequality between generations.
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So if you look at the millennials, inequality has widened over the past several decades, and that's been true within the generation as well.
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So there are many millennials who are thriving, but there are plenty who we were in touch with for this story who said that they were just struggling to get ahead.
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We spoke with one couple in Salt Lake City.
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They're in their early 40s, and
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They think they may not be able to buy a house until they're 50.
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So there's really a wide range of experiences.
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Showing 241–260 of 1,247 · page 13 of 63
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