Millennials have seen a notable improvement in their financial standing over the last five years, with 49% reporting they are better off financially compared to 2021, according to a recent poll by Chime financial services. This marks a more optimistic outlook than that of Gen Xers, 44% of whom feel their finances have improved, and baby boomers, with 40% expressing the same sentiment.
The generation, currently aged between 29 and 45, has navigated significant economic challenges including the Great Recession, the student debt crisis, and the COVID-19 pandemic. Despite these hurdles, millennials' net worth has surged by 134% since 2021, a substantial increase compared to 32% for baby boomers and 40% for Gen X, according to data from the Fed Board of Governors.
Millennials are also increasingly leveraging the stock market for wealth generation. In the first quarter of 2026, they held approximately $4.94 trillion in stocks, as indicated by federal data. However, their overall net worth remains considerably lower than that of baby boomers, largely due to lagging homeownership rates. Only 25% of millennials own a home, compared to about 40% of baby boomers, according to the National Association of Home Buyers. The median age for first-time homeownership has risen to 40.
The survey also highlighted differing financial philosophies and goals within the millennial generation. Older millennials, who came of age during the 2008 financial crisis and subsequent economic downturns, may have developed a more pragmatic approach to financial success, with some reporting they have abandoned the traditional career ladder concept. Younger millennials, conversely, are more likely to view renting as a symbol of freedom and tend to have greater faith in conventional career paths. Despite these generational nuances, data suggests that millennials are earning more at comparable ages than previous generations. "As long as you go to age 30 or higher, the incomes of millennials are higher than the incomes of any previous generation at the same age," Kevin Corinth, a senior fellow at the American Enterprise Institute’s Center on Opportunity and Social Mobility, told Bloomberg.