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> Yes. That's why the quoted factoid talks about "at this stage in their life". If you look back at boomers and genx, they had 4 and 2 times as much wealth as m

by ghusto 5y ago

> Yes. That's why the quoted factoid talks about "at this stage in their life". If you look back at boomers and genx, they had 4 and 2 times as much wealth as millennials do when they were the same age. I missed and am continuing to completely miss this. Do you mean in the article? If true, would that align with the difference in population size (distribution of a finite amount of wealth to more people)? It would be interesting if so, because it could mean that we're in for even more interesting times when the population shrinks in 50 years. > Why would that matter? Even if that happens sometimes it's not like it changes things on a generational level if the lowest earners get fired slightly more often. True, but do they? I'm not saying they don't, but haven't seen anything to indicate they do. I've seen people get away with things that would have gotten me fired at their age, so am inclined to believe people are not getting fired more often.

pedrosorio 5y ago
You have failed to show any reasoning to explain how some millennials getting fired (or not getting fired, apparently, in this last comment) for being "lazy" and "not wanting to work" led that generation to having a much lower share of total wealth compared to previous generations at the same age. As the comment above you stated, the lower decile/quintile performers getting fired (or lower salaries) because of their laziness, does not explain this, because most of the wealth is accumulated by the average and higher earners anyway.
- ghusto 5y ago
  Wut? I asked two questions, one of which was me being genuinely interested to see where I missed the assertion that millennials have "4 and 2 times as much wealth as millennials do when they were the same age". I wondered if it was in the article, because I didn't see it. If you want to talk about reasoning though, I actually did give a reason this could be the case (if indeed it really is), by suggesting it could be related to the difference in population size between when the baby boomers were around, and now.
  - civilized 5y ago
    > In 1989, when baby boomers were around the same age as millennials are today, they controlled 21% of the nation's wealth. That's almost five times as much as what millennials own today. > Many previous reports have found that millennials are, on average, worse off financially than their parents and grandparents were at the same age, despite being better educated. https://www.cnbc.com/amp/2020/10/09/millennials-own-less-than-5percent-of-all-us-wealth.html https://www.cnbc.com/amp/2020/10/09/millennials-own-less-tha...
    - ghusto 5y ago
      Interesting! Now I wonder why this is. Could it be age brackets being stretched? That's just off the top of my head, but I'd be very interested to hear people who know about these kinds of things. EDIT: Probably this: https://www.businessinsider.com/millennials-highest-earning-generation-less-wealthy-boomers-2021-9?international=true&r=US&IR=T https://www.businessinsider.com/millennials-highest-earning-...
HWR_14 5y ago
> If true, would that align with the difference in population size You're quite confused. First boomers and millennials are approximately equal in size, adjusting the boomers for back when they were the same age as the millennials. GenX is smaller. Secondly, you seem to think I'm using averages. I'm not. The boomer generation had 4x as much wealth distributed over a similar size generation when they were as old as millennials. The GenX generation had twice as much wealth distributed over a population that was smaller. > so am inclined to believe people are not getting fired more often. If people aren't getting fired more often, what difference does your discussion about people calling in sick matter?

by ghusto 5y ago

pedrosorio 5y ago

You have failed to show any reasoning to explain how some millennials getting fired (or not getting fired, apparently, in this last comment) for being "lazy" and "not wanting to work" led that generation to having a much lower share of total wealth compared to previous generations at the same age. As the comment above you stated, the lower decile/quintile performers getting fired (or lower salaries) because of their laziness, does not explain this, because most of the wealth is accumulated by the average and higher earners anyway.

ghusto 5y ago
Wut? I asked two questions, one of which was me being genuinely interested to see where I missed the assertion that millennials have "4 and 2 times as much wealth as millennials do when they were the same age". I wondered if it was in the article, because I didn't see it. If you want to talk about reasoning though, I actually did give a reason this could be the case (if indeed it really is), by suggesting it could be related to the difference in population size between when the baby boomers were around, and now.
- civilized 5y ago
  > In 1989, when baby boomers were around the same age as millennials are today, they controlled 21% of the nation's wealth. That's almost five times as much as what millennials own today. > Many previous reports have found that millennials are, on average, worse off financially than their parents and grandparents were at the same age, despite being better educated. https://www.cnbc.com/amp/2020/10/09/millennials-own-less-than-5percent-of-all-us-wealth.html https://www.cnbc.com/amp/2020/10/09/millennials-own-less-tha...
  - ghusto 5y ago
    Interesting! Now I wonder why this is. Could it be age brackets being stretched? That's just off the top of my head, but I'd be very interested to hear people who know about these kinds of things. EDIT: Probably this: https://www.businessinsider.com/millennials-highest-earning-generation-less-wealthy-boomers-2021-9?international=true&r=US&IR=T https://www.businessinsider.com/millennials-highest-earning-...

HWR_14 5y ago

> If true, would that align with the difference in population size You're quite confused. First boomers and millennials are approximately equal in size, adjusting the boomers for back when they were the same age as the millennials. GenX is smaller. Secondly, you seem to think I'm using averages. I'm not. The boomer generation had 4x as much wealth distributed over a similar size generation when they were as old as millennials. The GenX generation had twice as much wealth distributed over a population that was smaller. > so am inclined to believe people are not getting fired more often. If people aren't getting fired more often, what difference does your discussion about people calling in sick matter?