While we (the millennials) were out here making fun of the nice ol' Boomers #OKBoomer. Gen X, which is sandwiched between the two of us, has silently been printing cash. Gen X-ers (aged 41 to 56) wealth went up 50% during the pandemic!
At the start of the pandemic millions of Gen Xers, who were in their 30s and early 40s at the time, lost jobs and housing wealth. But they have bounced back strongly: Their careers have since stabilized and those who could save money have invested in the stock market and 401K retirement accounts.
As of June this year, Generation X held 28.6% of the nation’s wealth, up 3.9 percentage points from the first quarter of 2020, according to Fed data. In dollar value, that translates into a 50% gain in their aggregate net worth.
Another way to grasp the Gen X wealth boom: The cohort of about 34.6 million households added $13 trillion in assets over 15 months. That’s more than the $12.8 trillion added by Boomers, a group that includes 7.7 million more households.
Short Squeez Takeaway: In five quarters, equity assets owned by Gen X households more than doubled to $10.5 trillion. That amount is now more than 10 times the stock holdings of Millennials… Alright imma need y’all Millennials to stop spending on avocado toasts and pumpkin spiced lattes and start putting those dollars in the stock market. We can't let the Gen X destroy us this badly smh.