Millennials are twice as rich as they were before the pandemic.
Why it matters: The recession arrived when millennials — anybody born between 1981 and 1996 — were feeling burned out and doomed. Student loans were stretching as far as the eye can see, and millennial wealth was just a fraction of what previous generations had managed to accumulate at the same age.
- The pandemic changed everything. Student loans payments were paused, government stimulus checks started pouring in, the stock market soared, and house prices spiked.
Where it stands: Millennials had an average of $127,793 in net worth in the first quarter of 2022.
- When Boomers were the same age, in 1989, their net worth (in 2022 dollars) was a comparable $136,786, according to Kali McFadden, a data research manager at LendingTree.