Time is a crucial ingredient for building wealth. But these economic times for millennials, those born between 1981 and 1996, have not been auspicious.
Culprits included the 2018 Great Recession, which took off just as many were graduating from college or in the early days of their careers. Add to that the huge student-loan debt load that so many millennials carry, the result of college costs increasing 63% between 2006 and 2016.
Top it off with the pandemic-era layoffs and pay cuts, as well as inflation and child-care costs, and you have a group that may not ever make as much as their boomer parents.
