|When it comes to the economy, who’s winning?
It’s been a wild year, from rising rates and significant layoffs to volatile stock and bond markets. But what’s detrimental to one group could benefit another.
To get a lay of the land, I ranked how different groups are fairing these days from an economic perspective.
Boomers: Old age has never looked this good! Baby boomers are the undisputed winners of the economy these days. They’ve got a mountain of cash they’re happily spending on themselves. They’ve locked in rock-bottom mortgage rates and watched their home values skyrocket. And there’s an ultra-low-risk investment that can net them solid returns.
DINKs: Apologies for the early morning math problem, but what do two incomes plus no kids equal? Financial security! DINKs — dual income, no kids — are living the good life. Their median net worth is $399,000, putting them well ahead of couples with kids ($250,600). And don’t worry; a dog won’t break the bank. It just makes you a DINKWAD.
Generation Z: It’s still early for Gen Zers, but they’re off to a good start. After watching their parents and predecessors (millennials) struggle with finances, Gen Z is taking matters into their own hands. A May survey found more than half of Gen Z respondents had already started investing. They’ve also pushed for significant changes in the workplace to improve work-life balance.
Generation Alpha: It’s really early for this group, which is mostly under 13 years old. But there’s no denying their name exhibits some strength, and they’ve already achieved the impossible: making Gen Zers feel out of touch.
HENRYs: On the surface, most people would welcome the title of HENRY (high-earning, but not rich yet). But unlike horseshoes, being almost rich doesn’t get you that far. Wage growth has stalled, and industries HENRYs work in could face more layoffs. There’s also the added risk of AI coming for their jobs.
Millennials: Where to begin? It’s nearly impossible to buy a house. The cost of childcare continues to rise. Student loan repayments have started up again. And the fracturing of social media means there’s no place to post about how bad things have gotten. Life was a lot more fun when AIM away messages were the biggest concern.
Generation Beta: It’s probably unfair to include people who aren’t even born yet (Gen Beta starts in 2025). But first impressions are everything, and Gen Beta’s name leaves something to be desired.
Generation X: Who?