Search Results
Journal Article
Men’s Falling Labor Force Participation across Generations
The labor force participation rate for prime-age men has been declining for decades. About 14% of millennial males at age 25 are not in the labor force, compared with 7% of baby boomer males when they were that age. This generational gap declines substantially as groups approach middle age; the decline reflects that younger millennials enrolled in postsecondary education at higher rates and moved into the workforce later than prior generations. The convergence for millennial males suggests that the trend of men’s higher nonparticipation rates may slow in the future.
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 ...
Millennials and Older Gen Zers Made Significant Wealth Gains in 2022
The wealth of U.S. millennials and older Gen Zers grew at an unusually fast pace from 2019 to 2022, with real estate gains driving overall asset growth.
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 ...
Briefing
Social Media for Personal Finances: A New Trend for Millennials and Gen Z
Younger generations—specifically, millennials and Gen Z—increasingly turn to social media for personal finance purposes, such as making and receiving payments, crowdfunding, shopping, and financial education. While the financial tools provided by social media offer benefits, such as convenience and community, they also come with risks, such as increased fraud and misinformation.
Millennials Are Catching Up in Terms of Generational Wealth
From 2016 to 2019, millennials born in the 1980s became relatively wealthier, though they still lagged in relation to wealth expectations.
Assets and Debt across Generations
This analysis examines the household wealth that baby boomers, Gen Xers and millennials each held at age 30, comparing these generations’ assets, debt and net worth.
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.