provided to Insider by the personal finance site MagnifyMoney, based on an analysis of Federal Reserve distributional financial accounts and Census Bureau population data.l — those born between 1981 and 1996 — was roughly $64,000. But just two years later, as of the first quarter of 2022, the average millennials' net worth surged to $111,000.
These fluctuations have real economic ramifications for millennials. They impact not only their ability to meet expenses today, but whether they will be able to afford a home, retire at a reasonable age, and live theWhich factors have driven these changes in net worth? And what are the key factors that could impact millennials' wealth trajectory in the years to come? Insider spoke with two experts to explore these questions.
Aided by US government stimulus measures, the moratorium on student loan payments, historically low interest rates, side hustles, and a pullback in spending tied to US lockdown measures, many millennials were able to save, invest, pay down credit card debt, and"It takes money to make money, said Schulz, adding,"they had more money available to put to work for them than they had ever had before, and they did so, and their net worth grew accordingly.
"2022 was just a mess," he said."Inflation really took hold, gas prices spiked like crazy that summer, the Fed began raising rates at every opportunity, stock market fell, the housing market cooled off as mortgage rates rose, vehicle prices spiked like crazy, credit card debt hit record highs.
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