Millennials have a much lower net worth than previous generations, according to a new study.
The average net worth of Americans between the ages of 18 and 35 is less than $ 8,000, about 34 percent lower than in 1996, according to a Deloitte study released on Wednesday.
Despite the clichés that millennials are "ruining everything from movies to marriage," the study found that millennials are actually under greater economic pressure because of the numerous rising costs over the past decade.
According to the Washington Post, education costs have increased by 65 percent in the last 10 years. The study found that student debt has increased by 160 percent between 2004 and 2017. Other costs, including food, medical care, housing and transportation, have also increased.
"What we learned is that the consumer has not fundamentally changed, but as it is changing, it is because the surrounding environment is evolving, characterized by economic restrictions and new competitive options," the study said. "They are changing due to the financial constraints they are in."
The Post reported that people 20 and 30 years old, a decade ago, spent about 12 percent of their income on education, health care and income, but today's millennials spend about 17 percent of their income on those expenses, while spending on restaurants or alcohol. It has remained about the same, around 11 percent.
The study, which surveyed more than 4,000 consumers, found that millennials expect to marry and buy homes because of rising costs, not because they want to wait.
"The narrative is that millennials are ruining everything from breakfast cereals to weddings, but what matters to consumers today is not very different from what it was 50 years ago," Kasey M. Lobaugh, director of retail innovation of Deloitte and The lead author said, according to The Post.
"Generally speaking, there have been no dramatic changes in the way consumers spend their money," he added.
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The study found that in the US UU "The retail market has been growing and continues to grow," with an increase of 13 percent since 2005. However, researchers attribute it to population growth instead of people spending more money.