Most Millennials are Faring Worse than their Parents: StudyBy Elliot Bullman
Young people are not prospering as well as their parents at the same age, highlights a report by Credit Suisse bank.
Most Millennials will struggle to earn more money and find better jobs than their parents, despite better training, according to a study by Credit Suisse Bank.
Millennials face stricter lending rules, higher housing prices, and lower mobility of income, according to the study.
The Swiss bank wrote in its annual report on Global Wealth that with the baby boomers occupying most of the best jobs and a good part of the housing, millennials are not doing as well as their parents at the same age, especially in relation to income, home ownership and other welfare dimensions.
Because of that, only people with great achievements and those in lucrative areas, such as technology and finance, have better prospects than their parents.
Overall, Credit Suisse determined that global wealth in mid-2017 totalled $280 billion, an increase of 6.4% year-on-year, the fastest pace of growth since 2012 thanks to a surge in stock markets and a higher value of non-performing assets such as properties.
Wealth is strongly concentrated.
Around 36 million millionaires, who make up less than 1% of the adult population, own 46 percent of the global wealth. Meanwhile, 70% of adults -3.500 billion people- have less than 10,000 dollars in assets and respond for 2.7% of wealth.
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