The average millennial has also seen their net worth double in the last five years, from about $54,000 to $115,000

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The average millennial has also seen their net worth double in the last five years, from about $54,000 to $115,000, per Fed in BI.Millennials have been hit hard financially, with more debt and a lower net worth than their parents had at the same life stage, per BI.A recent report from the Pew Research Center highlights the distinct financial path that young adults in the U.S. are traversing compared to their parents. The study reveals that a majority of young adults continue to rely on their parents for financial support, with only about 45% of those aged 18 to 34 describing themselves as fully financially independent.The younger subset, aged 18 to 24, is notably more dependent on parental assistance, with over half relying on support for basic household expenses. Even among 30 to 34-year-olds, a significant share, almost 1 in 5, acknowledges receiving aid for their household bills.The report portrays a generation grappling with debt in ways different from their parents, bearing higher student loans and, for homeowners, larger mortgages. Despite these challenges, young adults express optimism about their financial independence, with three-quarters of those financially dependent on their parents believing they will eventually achieve independence.The findings are based on two surveys—one involving over 3,000 adults with at least one child aged 18 to 34, and the other including about 1,500 adults aged 18 to 34 with at least one living parent.The analysis further examines financial metrics to underscore generational differences. Young adults, spanning the Gen Z and millennial cohorts, are more likely to hold college degrees than their parents. However, this educational advantage comes with an increased burden of student debt, affecting 43% of individuals between 25 and 29 today, compared to 28% in 1993.In the realm of homeownership, the study reveals that young adults who own homes are carrying higher mortgage debt. Homeowners aged 29 to 34 now have approximately $190,000 in mortgage debt, in contrast to $120,000 in 1993 when adjusted for inflation.Read more: https://unusualwhales.com/mobile/news/millennials-have-been-hit-hard-financially-with-more-debt-and-a-lower-net-worth-than-their-parents-had-at-the-same-life-stage