I know this is a popular narrative, but as a counter point there has been a lot of reporting in the last year or so that Millienials are wealthier than Gen X and Boomers at the same age.
https://www.lendingtree.com/debt-consolidation/millennials-financial-condition-study/
Net worth by generation (at similar ages)
Generation
Survey year
Age range
Median net worth
Average net worth
% with positive net worth
% with negative net worth
Baby boomers
1989
25 to 43
$58,101
$231,372
83.9%
11.9%
Gen Xers
2007
27 to 42
$78,333
$328,391
86.1%
11.5%
Millennials
2022
26 to 41
$84,941
$326,776
86.6%
12.7%
Source: LendingTree analysis of Federal Reserve Survey of Consumer Finances (SCF) data. Note: All figures are adjusted to 2022 dollars to account for inflation.
10-year median cumulative income by generation (at generational midpoint)
Generation
Baby boomers
Gen Xers
Millennials
Year of birth (generational midpoint)
1955
1973
1989
Working years
1980 to 1989
1998 to 2007
2014 to 2023
Median cumulative income
$362,330
$417,700
$446,570
Source: LendingTree analysis of U.S. Census Bureau data. Note: All figures are adjusted to 2023 dollars to account for inflation.