As Featured on Pymnts.com
It’s a fact.
While they enjoy many FinTech innovations, most millennials don’t have a snowball’s chance of earning more than their parents — ever.
How big the income gap between those 70 million people and their parents depends on a few things, including how well-heeled their parents are. Not surprisingly, hardest hit are the kids born to middle and lower middle-income families — so, roughly 70 percent of the U.S. population.
Stop and think about that for a minute.
It’s one thing for the millennial offspring of the billionaire hedge-fund scions to fall short of making a billion because they only manage to pull down $760 million a year. No one’s worried whether those 30-somethings will be able to put food on their table or make the mortgage payment.
But when not even half of millennials born to middle-class families and a third of millennials born to families in the middle to lower middle-income brackets have a shot at making more money than their parents, that suggests that we are facing a very different set of problems as a society.
And a set of problems with some very pointed implications for everyone in payments, retail and commerce whose ambition it is to capture the purchasing power of this coveted generation.
Which may end up not being all that powerful.