According to the U.S. Census Bureau, there are approximately 326 million people living in the U.S., spanning six generations. Baby Boomers have been one of history’s largest generations, but they have been surpassed by Millennials as the largest demographic in the U.S. workforce. Despite the differences between generations, many will follow the same progression of marriage, children, and home ownership.
Baby Boomers | Gen X | Millennials | |
---|---|---|---|
Population (millions) |
74 | 70 | 85 |
Percent of U.S. labor force |
29% | 34% | 34% |
Average median household income |
$64,665 | $90,000 | $48,039 |
Percent married |
64% | 62% | 26% |
Percent with minor children |
10% | 57% | 24% |
Percent who own a home |
84% | 65% | 20% |
The Wealth Journey
Generational views on spending, investing, and building wealth have been affected by significant experiences. The Baby Boomers became comfortable consumers supported by dual-income households and access to credit. Generation Xers relied on borrowing as well, but also developed self-reliance after experiencing two major financial setbacks as adults. Millennials came of age amid the financial crisis, which likely made an indelible mark on their financial decision-making.