New data indicates that millennials are poorer than their parents were when they were in their 20s during the 1970s.
While it’s easy to pass judgment on millennials as a bunch of spoiled, ungrateful chumps who mooch off their parents and enjoy the luxuries of new technology like iPhones and Uber, recent findings say otherwise.
Median income among those aged 25-34 years has remained roughly stagnant at $34,000 from 1977 to 2016, but the median debt held by individuals of that same age group has more than tripled during this time-span — from $10,000 in 1977 to $34,000 in 2016. While there are a number of factors that may have contributed to this phenomenon, the financial practices of the United States higher education system share much of the blame.
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