Millennials’ collective net worth has skyrocketed in recent years. According to Federal Reserve data, the generation now holds about $15.95 trillion in wealth, a big leap from just $3.94 trillion five years ago.
By many measures, millennials are doing great — but they don’t seem to feel that way. This disconnect between being wealthy on paper and feeling financially free has been referred to as “phantom wealth," and it could be due to the following factors.
