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In terms of their ability to create wealth, the answer is absolutely yes.
We can’t pin this on avocado alone. A variety of factors have conspired against millennial wealth creation, compared with their elder counterparts:
1. They’ve come in at the end of property price growth; the primary instrument of wealth creation for Baby Boomers.
2. They were just junior investors when the GFC hit in 2008 and are now dealing with the worst pandemic since 1918.
3. Baby Boomers have benefitted from 40 years of falling interest rates (to almost zero today), which drove asset price to current all-time highs. That simply won’t happen again.
A recent study by the Federal Reserve has quantified this:
While younger people won’t be able to repeat exactly what their parents did, they’ll be able to do things differently by leveraging technology, being more adaptable - and by ditching the property obsession, which looks more and more like a ticking time bomb than an opportunity for growth.
- Richard
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