Average millennial net worth is $8,000 — way less than their parents

American millennials have an average net worth of less than $8,000, according to a new Deloitte Study.

This puts millennials financially behind other generations at their age.

Increasing living costs and staggering debt, including student loans, make it difficult for millennials to save money.

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American millennials are financially worse for the wear.

They have an average net worth of less than $8,000, reported Abha Bhattarai for The Washington Post, citing a new Deloitte study. According to the study, the net worth of Americans ages 18 to 35 has decreased by 34% since 1996, making them “dramatically financially worse off” than older generations, Business Insider's Kate Taylor reported.

These findings underscore previous research indicating that millennials are financially behind.

Millennials are less wealthy than previous generations were at their age at any point between 1989 and 2007, according to The Economist, citing a recent paper by the Brookings Institution. Median household wealth was roughly 25% lower for those ages 20 to 35 in 2016 than it was for the same age group in 2007.

Meanwhile, a report by the Federal Reserve published in November found that millennials have much less money than Gen Xers and baby boomers had at their age: “Millennials are less well off than members of earlier generations when they were young, with lower earnings, fewer assets, and less wealth,” the study said.

Read more: American millennials have less money than other generations did at their age — but studies show an alarming amount of them have delusional ideas about their wealth

Living costs and debt make it hard for millennials to save

According to the Deloitte study, compared from 2007 to 2017, millennials are spending 16% more on housing, 26% more on food costs, 21% more on healthcare costs, and 65% more on education.

The latter in particular is a big burden. Student debt has increased by 160% since 2004, the study found. And college tuition has more than doubled since the 1980s, according to Student Loan Hero. Consequently, millennials have taken on at least 300% more student debt than their parents, according to Michael Hobbes of HuffPost.

As of 2019, student-loan debt is at an all-time high with a national total of $1.5 trillion. The average student-loan debt per graduating student in 2018 who took out loans was a whopping $29,800.

But student loans are just one form of debt millennials are juggling. According to a recent Merrill Lynch Wealth Management report, 81% of early-adult households carry a collective debt of nearly $2 trillion, including car loans and mortgages, but mainly student loans and credit card debt. Those who carry the latter have an average balance of $3,700, and more than half said they're struggling to pay it off.

Various debt and soaring living costs ultimately make it more difficult for American millennials to adequately save. More than half of millennials don't have a retirement account, and more than half also have less than $5,000 in their savings accounts, according to an INSIDER and Morning Consult survey.

Coupled with the ongoing fallout of the Great Recession, these financial problems are creating an affordability crisis for American Millennials.

根据德勤的一项新研究，美国千禧一代的平均净资产不到8,000美元。这使千禧一代的资金落后于其他几代人。增加生活成本和惊人的债务，包括学生贷款，使千禧一代难以存钱。访问BusinessInsider.com了解更多故事。美国千禧一代的经济状况更差。他们有一个据华盛顿邮报的Abha Bhattarai报道，德勤的一项新研究引用平均净资产低于8,000美元。据Business Insider的凯特·泰勒报道，自1996年以来，18至35岁的美国人的净资产减少了34％，使他们“比经历了老年人的经济状况更糟糕”。这些调查结果强调了之前的研究表明千禧一代在经济上落后。据“经济学人”杂志引用布鲁金斯学会最近的一篇论文称，千禧一代在1989年至2007年间的任何时候都不如前几代人富裕。 2016年20至35岁年龄段家庭财富中位数比2007年同年龄组大约低25％。同时，美联储11月份发布的一份报告显示，千禧一代的资金远低于X世代和婴儿潮一代的年龄已经达到了这样的水平：“千禧一代年轻时不如前几代人，他们的收入较低，资产较少，财富较少，”研究表示。阅读更多：美国千禧一代的钱比他们这个世纪的其他几代人少 - 但是研究显示他们中有相当多的人对他们的财富有妄想的想法。生活成本和债务使千禧一代难以挽救。根据德勤的研究与2007年至2017年相比，千禧一代在住房方面的支出增加了16％，食品费用增加了26％，医疗保健费用增加了21％，教育支出增加了65％。后者尤其是一个很大的负担。研究发现，自2004年以来，学生债务增加了160％。根据Student Loan Hero的说法，自20世纪80年代以来，大学学费增加了一倍以上。因此，HuffPost的迈克尔霍布斯表示，千禧一代的学生债务比父母少至少300％。 截至2019年，学生贷款债务处于历史最高水平，全国总额为1.5万亿美元。 2018年毕业学生获得贷款的平均学生贷款债务高达29,800美元。但学生贷款只是千禧一代的一种形式。根据Merrill Lynch财富管理公司最近的一份报告，81％的早期成年人家庭承担着近2万亿美元的集体债务，包括汽车贷款和抵押贷款，但主要是学生贷款和信用卡债务。那些携带后者的人平均余额为3,700美元，超过一半人表示他们正在努力偿还。各种债务和飙升的生活成本最终使美国千禧一代更难以充分储蓄。根据INSIDER和Morning Consult调查显示，超过一半的千禧一代没有退休账户，超过一半的人还有不到5000美元的储蓄账户。再加上大萧条的持续影响，这些财务问题正在给美国千禧一代带来负担能力的危机。