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Millennials on Shakier Financial Ground than Predecessors: Study

At roughly the same points in their lives, millennials had fewer assets, more debt, and a lower net worth than members of Generation X, according to data released yesterday by the Federal Reserve Bank of St. Louis.

Millennials, for example, have an average debt load of $72,000, compared with $67,000 for members of Generation X. The composition of that debt was markedly different, the Fed report noted. The amount of student loan debt, for example, was $4,200 for Generation X and $14,700 for Millennials. The amount of unpaid credit card debt was also lower for Millennials, at $1,800, compared with $2,700 for Generation Xers.

Overall, the average net worth of a Millennial is $90,000, according to the report, compared with $130,000 for a member of Generation X.

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