Millennials are no longer the lazy bunch. They have actually elevated their standing in society, when it comes to wealth. Surprisingly, there are those who have even exceeded the wealth of the previous generation given the same age that they have right now. However, Millennials who are wealthy don't feel like one -- a scenario called as "phantom wealth."
An analysis of St. Louis Federal Reserve data in 2022 showed that younger families in the U.S. have actually made remarkable gains. The study noted that the median wealth of older millennials was 37% above expectations. On the other hand, those of younger millennials and older Gen Zers was at 39% above expectations.
