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How Young Adults’ Homeownership Differs Across Generations
St. Louis Fed economist Victoria Gregory discusses her research on wealth, homeownership and location patterns for young adults from the baby boom to Gen Z.
Discussion Paper
Millennials with money revisited: updates from the 2014 Consumer Payments Monitor
Overall growth in general purpose reloadable prepaid card ownership was not as robust between 2013 and 2014 as it was between 2012 and 2013 except in one notable segment: high-income Millennials. This same demographic group also exhibited a strong propensity to use alternative financial services along with traditional bank products. This paper further explores this group of ?hybrid? financial services consumers. It also examines the broader use of financial services by young adults and reports on ways in which their choices differ from those of older consumers, along with evidence that ...
Disparities by Race, Ethnicity and Education Underlie Millennials’ Comeback in Wealth
In 2019, older millennials were making relative gains in terms of wealth, but the gap between actual and expected median wealth varied by demographic characteristics.
Discussion Paper
Millennials with money: a new look at who uses GPR prepaid cards
Phoenix Marketing International is a top 40 Honomichl market research company that annually fields an omnibus financial services survey that collects information from a representative sample of American households. Beginning in 2012, the survey added a series of questions designed to gather data on ownership and use of general-purpose reloadable (GPR) prepaid cards. This paper reports on those findings, including the discovery of a "power user" segment of the market composed of young and mid- to upper-income consumers who own and use GPR cards at rates well above the market average. Younger ...
Working Paper
Are Millennials Different?
The economic wellbeing of the millennial generation, which entered its working-age years around the time of the 2007-09 recession, has received considerable attention from economists and the popular press. This chapter compares the socioeconomic and demographic characteristics of millennials with those of earlier generations and compares their income, saving, and consumption expenditures. Relative to members of earlier generations, millennials are more racially diverse, more educated, and more likely to have deferred marriage; these comparisons are continuations of longer-run trends in the ...
Speech
Remarks at the Economic Press Briefing on Homeownership and Housing Wealth, Federal Reserve Bank of New York, New York City
Remarks at the Economic Press Briefing on Homeownership and Housing Wealth, Federal Reserve Bank of New York, New York City.