At a Glance | February 3, 2022 Comparing Generational Financial Wellbeing Then and Now Evaluating Millennial and Baby Boom families against Gen X families at the same ages and career stage. BABY BOOMERS IN 2001 Mid-Career Baby Boomers vs. Mid-Career Gen Xers (Ages 39–54) VS. GEN XERS IN 2019 Generation X families were Gen Xers DC Plan Gen Xers Boomers more likely to have a defined $70k 50% 48% Boomers contribution (DC) plan and had $39k + 4.2 % + 80 % higher median DC plan 48+50 balances. They were less likely 1 Had DC Plan DC Plan Balance to own a home. Gen Xers Home Boomers Boomers Gen Xers The most dramatic difference $106k 74% $93.9k 68% between Baby Boom and Generation X families’ financial situations, however, was – 8. 1% +13% 74+68 the amount of student loan Owned Home Home Equity debt held. Student Gen Xers Gen Xers Boomers Loans Boomers 26% +136% +107% $23k $11.1k 11% 11+26 Student Loan Incidence Student Loan Debt GEN XERS IN 2001 Early Career Gen Xers vs. Early Career Millennials (Ages 25–36) VS. MILLENNIALS IN 2019 Millennials were more likely DC Plan Millennials Gen Xers to have a DC plan than 46% 42% Gen Xers. However, both the Millennials Gen Xers + 9.5% + 3 2% $15k likelihood of having student $11.3k 42+46 loan debt and the median Had DC Plan DC Plan Balance value of student loan debt held were dramatically higher Home Gen Xers Millennials Millennials for Millennials. Gen Xers 51% 45% $55k $40.4k –11.8% + 36% 51+45 Owned Home Home Equity Student Millennials Loans Gen Xers Millennials 42% Gen Xers % 24 +75% +139% $27.5k $11.5k 24+42 Student Loan Incidence Student Loan Debt 1 All values are median values and in 2019 dollars. SOURCE: Copeland, Craig, “Comparing the Financial Wellbeing of Baby Boom, Generation X, and Millennial Families: How Do the Generations Stack Up?,” EBRI Issue Brief, no. 548 (December 16, 2021). © 2022 EBRI This report is copyrighted by the Employee Benefit Research Institute (EBRI). You may copy, print, or download this report solely for personal and noncommercial use, provided that all hard copies retain any and all copyright and other applicable notices contained therein, and you may cite or quote small portions of the report provided that you do so verbatim and with proper citation. Any use beyond the scope of the foregoing requires EBRI’s prior express permission. For permissions, please contact EBRI at permissions@ebri.org.