Invisible Wealth

Chapter 2A Rich Opportunity for the Unluckiest Generation

Millennials, those born between 1981 and 1996, are often referred to as the “unluckiest generation”—for reasons we'll explore in this chapter—and yet they stand to inherit over $84 trillion from their baby boomer parents in the future.¹ They are the first generation to come of age with digital technology, which is particularly noteworthy (especially after seeing how much technology impacts our concept of wealth, money, and the economy).² But they are also the generation who came of (professional) age during the Great Recession. This is an interesting paradox. As with everyone's life experiences, the past and present tend to influence the future. The question then becomes, how so?

Past: Why Are Millennials Called the Unluckiest Generation?

Millennials—also known as Generation Y, Digital Natives, Generation Me, Generation Rent, and Echo Boomers—are the brunt of many jokes.³ These jokes characterize this generation as those who are self‐oriented and get offended by everything, or those having a misplaced sense of arrogance and entitlement. These characteristics particularly relate to money, aka how millennials make their money, and what they spend their money on—hashtag avocado toast and almond milk latte.

Jokes aside, this generation is the largest in the United States (as of 2019), clocking in at 72.1 million people.⁴ Pew Research Center projects that Generation Y will reach its peak in 2033, placing 74.9 million millennials ...