Millennials and Gen Z wealth skyrockets

Financial assets were the big driver, growing over 50% as they invested in equities and mutual funds. With longer time horizons, they tended to pick riskier investments. 

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The kids are alright.
Welcome to the Know the Difference Minute for Thursday, February 8th.
It turns out Americans under 40 did pretty well during the pandemic. A new analysis finds younger Americans saw their net worths increase.
It’s all about the ‘stimmy’ or the government stimulus checks. And investing.
Coming into the pandemic, Americans under 40 held just under 6% of all US wealth even as they made up just under 40% of adults. That's changed. Employed Millennials and Gen Zers saw their real wealth skyrocket.
Financial assets were the big driver, growing over 50% as they invested in equities and mutual funds. With longer time horizons, they tended to pick riskier investments.
That doesn’t mean they’re out of the woods. Credit card debt is also rising—and Gen Z and Millennials lead the league in debt that transitions into delinquency.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.