As the old adage says “you can’t take it with you.” The older generations (55+) have a majority of the wealth and I would expect to see a major shift in wealth distribution between the older generations to the younger generations in the next 10 years or so.
•Ages 55-59: Median net worth — the middle point for all households — rose 97% over 15 years to $249,700 in 2004, the most recent year for which data is available. Median income rose 52%.
•Ages 35-39: Median household net worth fell 28% to $48,940. Median income fell 10%
Now I know these stats are dated, and I would be very interested in the effect the housing bust has had since then, but this supports the gist of what I am trying to say.
There are a finite number of resources in the world. Valuing those resources is the function of markets, but like it or not those resources will be transfered from one generation to the next.
Yes, millinials are not planners or savers. But they’ll get theirs one way or another. Unfortuately that “another” might just be natural matriculation.
