Millennials have a much lower net value than previous generations, according to a new study.
The average net worth of Americans between 18 and 35 years is less than $ 8,000 – about 34 percent lower than in 1996, a Deloitte study released Wednesday found.
Despite clichés that millennia are "destroying everything from film to marriage", the survey found thousands of years is actually under more economic pressure due to many increased costs over the last decade.
According to The Washington Post, education costs have risen by 65 percent over the past 1
"What we learned is that the consumer is not fundamentally changed, but to the extent that they change is because the environment around them is evolving, characterized by economic constraints and new competitive opportunities," the study says. "They change because of the financial constraints they find themselves in."
Posten reported that people in their 20s and 30s a decade ago spent about 12 percent of their incomes on education, health care and rent, but thousands today spend about 17 percent of their incomes on these expenses, while eating or alcohol spending has remained the same at about 11 percent.
The study, which examined more than 4,000 consumers, showed that thousands of years are waiting to get married and buy homes because of the rising costs, not because they will wait.
"The story out there is that millennia destroys everything from breakfast cereals to weddings, but what matters to consumers today is not much different than it was 50 years ago," says Kasey M. Lobaugh, Deloit's Chief Innovation Officer and the study's lead author, according to The Post.
"Generally, there have been no dramatic changes in how c usumers spend their money," he added.
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The study found that in the US, "the retail market has grown and continues to expand" with a 13 percent increase since 2005. However, researchers attributed it to population growth rather than spending more money.