Millennials falling behind their boomer parents

Millennials earn far less than baby boomers did when they were young. This according to new analysis of Federal Reserve data by the advocacy group Young Invincibles.

The group's research shows that millennials' household income is $40,581. That's 20% less than boomers made at the same stage in life. Millennials, however, are more educated. But, according to the data, the median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in 1989. Millennials' median net worth is $10,090 - that's 56% less than it was for boomers. Home ownership has also fallen by 3% since 2013.

It could be getting worse. A deputy policy and research director at Young Invincibles says the current challenges that young adults face "could forecast the challenges we see down the road."

6 PHOTOS
5 ways for millennials to save (without sacrificing their social lives)
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5 ways for millennials to save (without sacrificing their social lives)
#1: Wash your hair less
#2: Sign up for every "first order" on apps
#3: Skip boozy brunch

#4: Share entertainment passwords

Photo credit: Shutterstock

#5: Buy in bulk

Photo credit: Shutterstock

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