Defying conventional wisdom, Gen Xers and millennials—who share reputation for being financially unstable—may be better prepared for retirement than the older and more dependable baby boomers.
This finding by investment advisor Vanguard seems contrary to years of economic research that projected millennials would be worse off than the generations that preceded them. Younger generations have had to weather a number of economic tsunamis: the financial crisis that started in 2007, which struck as many of them were entering the workforce; a crushing housing market that’s made homeownership a fantasy for many; and then yet another economic downturn during the pandemic.
