The Wealth of Generations, with Special Attention to the Millennials

@article{Gale2020TheWO,
  title={The Wealth of Generations, with Special Attention to the Millennials},
  author={William G. Gale and Hilary Gelfond and Jason J. Fichtner and Benjamin H. Harris},
  journal={NBER Working Paper Series},
  year={2020}
}
We examine household wealth across birth cohorts and over time using data from the Survey of Consumer Finances. We show that although the Great Recession reduced wealth in every age group, longer-term trends indicate that the wealth of older age groups has increased while the wealth of younger age groups has declined. A substantial share of these changes, in both directions, can be explained by changes in household demographic and economic characteristics. As for the millennial generation… 
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