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Elder Millennials’ Credit Card Debt, Median Income, Homeownership Rates [Video]

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Brand Awareness

It’s a bad time to be an elder millennial.

Elder millennials — whom Bank of America defines as those ages 35 to 45 — have already weathered a lot of economic storms. They’ve seen two recessions in their adult lives, a pandemic, and an economy that seemed to be stacked against them from the start.

But while the pandemic and its resulting labor market may have offered some economic reprieve, the financial walls might be closing in on elder millennials. That could be chalked up to the lifestyle expectations of a cohort that should be entering a more stable period of adulthood, one that includes comfortably spending, owning a house, and saving for retirement. Instead, they’re falling behind in home ownership, accruing trillions in debt, and still scrambling to maintain their lifestyle.

Some of the blame rests with the recessions that came before.

“The older Millennial cohort is more likely to have been hit harder by the 2008 housing crisis, which potentially …

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