Millennials have a money problem. The generation of social media mavens and brand gurus may be entrepreneurial, but they're not cashing in like their parents. According to a new study shared in USA Today, millennials are earning 20 percent less than their parents' generation.
The analysis by advocacy group Young Invincibles shows that millennials have a median income of $40,581. This is 20 percent less than the Baby Boomers did at the same age. They have half the net worth of boomers ($10,090) and their rate of owning a home is lower too. Millennials are better educated yet have amassed more student debt.
The racial breakdown is even worse. Black millennials have a median income of $27,892 and Latino millennials earn a median of $30,436.
It's yet to be seen how this generational wage gap will impact programs funded by payroll taxes, like Social Security. "The challenges that young adults face today could forecast the challenges that we see down the road," said Tom Allison, deputy policy and research director at Young Invincibles.
Read the full study here.