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Americans between the ages of 30 and 40 are the 'biggest losers' in American society – and here's why

    A quick Google search shows that millennials are often characterized as whiners who are quick to complain about their financial problems – but that's not a fair assessment.

    There's a reason why millennials – generally defined as between the ages of 28 and 43 – are on shakier financial footing compared to previous generations.

    Recent data from Allianz highlights the difference between millennials and boomers from an economic perspective.

    It shows that while boomers have benefited from periods of strong economic growth, millennials have been hit by one financial crisis after another since they reached an age where this Finally possible to start saving and growing their wealth.

    According to a study by the American Journal of Sociology, the average millennial has 30% less wealth at age 35 than boomers at the same age.

    Here's how society's “biggest losers” can move forward after multiple setbacks.

    Millennials have had a number of economic factors working against them over the years.

    During the Great Recession, which lasted from 2007 to 2009, millennials – many of whom were in their 20s at the time – were hit by high unemployment, making it harder to not only build a career but also save money. and keep up. student loan payments.

    Millennials' student debt burden wasn't helped by the fact that college costs rose exponentially in the years leading up to their post-secondary education.

    The Education Data Initiative reports that the average annual cost of a public four-year institution was $514 between 1973 and 1974, when many boomers attended.

    But by the 2003-2004 academic year, when many millennials attended, that cost had risen to $4,587. This left millennials with high student debt, a struggling economy, and a slow economic recovery that would ultimately take years.

    According to the Bureau of Labor Statistics, the national unemployment rate reached 10% in October 2009.

    However, three years later this was still 7.8%. In contrast, according to the Federal Reserve, boomers who entered the workforce in January 1970 experienced an unemployment rate of just 3.9%.