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Fortune
Fortune
Eleanor Pringle

Millennials 'scarred from the Great Recession and COVID' are financially outperforming Gen Xers and boomers at the same age

Gen-X Millennials Recession the Great Recession LendingTree Baby Boomer Knight Frank US Federal Reserve
A Millennial leaving work (Credit: DaniloAndjus - Getty Images)

Millennials have often been viewed as facing tougher financial challenges compared to their Gen X and baby boomer predecessors, grappling with rising living costs, the aftermath of the 2008 financial crisis, and the impact of COVID-19. However, new analysis of U.S. Bureau of Labor and Federal Reserve data challenges that narrative.

A study by LendingTree shows that millennials aged 26 to 41 in 2022 had a median net worth of $84,941—8.4% higher than Gen Xers at the same age in 2007 and 46% higher than boomers in 1989, after adjusting for inflation.

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