The state of young America's finances, in two charts


Old journalists are constantly complaining about millennials. They have no motivation, they're coddled, they won't leave home, and on and on. But what's really happening here? Over at Demos, Matt Bruenig has taken a careful look at young America's balance sheet (for families below age 35) revealed in the 2013 Survey of Consumer Finances. He found two major results: first, that average net worth is down sharply from its 2007 peak, and has barely begun to recover:
Average income is also down, and worse, has continued to fall since the 2008 crisis:
When you compare the loss in net worth to the total lost income added up since 2007, the figures line up pretty closely. In short, like just about everyone else in the country, what young America needs is a raise. There's more over at Demos, including overall debt trends and a breakout of debt by loan category, so make sure to take a look.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.
-
Florida erases rainbow crosswalk at Pulse nightclub
Speed Read The colorful crosswalk was outside the former LGBTQ nightclub where 49 people were killed in a 2016 shooting
-
Trump says Smithsonian too focused on slavery's ills
Speed Read The president would prefer the museum to highlight 'success,' 'brightness' and 'the future'
-
Trump to host Kennedy Honors for Kiss, Stallone
Speed Read Actor Sylvester Stallone and the glam-rock band Kiss were among those named as this year's inductees
-
White House seeks to bend Smithsonian to Trump's view
Speed Read The Smithsonian Institution's 21 museums are under review to ensure their content aligns with the president's interpretation of American history
-
Charlamagne Tha God irks Trump with Epstein talk
Speed Read The radio host said the Jeffrey Epstein scandal could help 'traditional conservatives' take back the Republican Party
-
CBS cancels Colbert's 'Late Show'
Speed Read 'The Late Show with Stephen Colbert' is ending next year
-
Shakespeare not an absent spouse, study proposes
speed read A letter fragment suggests that the Shakespeares lived together all along, says scholar Matthew Steggle
-
New Mexico to investigate death of Gene Hackman, wife
speed read The Oscar-winning actor and his wife Betsy Arakawa were found dead in their home with no signs of foul play