Most millennials will struggle to earn more money and find better jobs than their parents, despite better training, according to a study by Credit Suisse bank.
Defined by the US Census Bureau as those born between 1982 and 2000-that is, those now between the ages of 17 and 35-millennials face stricter lending rules, higher housing prices, and lower mobility of income, according to the study.
With the baby boomers occupying most of the best jobs and a good part of the housing, millennials are not doing as well as their parents at the same age. And especially in relation to income, home ownership and other dimensions of well-being, “the Swiss bank wrote in its annual report on Global Wealth, published on Tuesday.
Because of that, only people with great achievements and those in lucrative areas, such as technology and finance, have better prospects than their parents.
In general, Credit Suisse determined that global wealth in mid-2017 totaled 280 billion dollars, an increase of 6.4% year-on-year, thanks to a boost from the stock markets and a higher value of non-financial assets, such as properties.
However, wealth is strongly concentrated.
Around 36 million millionaires, who make up less than 1% of the adult population, own 46% of the global wealth.
Meanwhile, 70% of adults -3,500 million people- have less than 10,000 dollars in assets and respond for 2.7% of wealth.