For the first time in US history, the younger generation will not gain more wealth in their lifetime than their parents. As Scott Galloway points out, Millennials are the largest percentage of full time workers in the US, but economic growth has been slower than for their parents at the same age.
Furthermore, Millennials hold 31.4% of all student loan debt in the US, while Boomers only account for 16.54% of all federal student debt, only emphasizing that the wealth gap is also a generational gap.
Thus, as a wealth gap grows, will students and parents more likely demand college degrees, seeking any hedge for preserving prosperity in a shrinking economy, or conversely, reduce demand for college degrees, revising their view of what is considered economic success and even peace of mind in the process?
Chart produced by Scott Galloway
For over twenty years, Creative Marbles experts have moderated family conversations regarding complex educational decisions, lending our expertise to reduce the risk of malinvestment. For more information, contact us.