Page 5 - Millennial Wealth News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Millennials are having buyer's remorse for financial reasons, citing hidden homeownership costs and overpaying for a house as reason for their regret.

Consumer spending accounts for 70% of the American economy, and half of that is from the top 10% of American households, per estimates from Goldman Sachs and Deutsche Bank, respectively. That means about one-third of US GDP comes from spending by the top 10%. Higher-income households are "key to driving the recovery in consumption," as UBS strategist Keith Parker wrote in a March note. Those earning over $80,000 annually expect to increase their spending more than low- and middle-income earners, per a follow-up UBS note. Americans are currently sitting on $2.6 trillion in excess savings, per ...

Sarah Stier/Getty Images They associate wealth with success and happiness, compared to boomers' view of it as independence. Millennials are also most likely to say the pandemic altered how they plan to use their wealth. Wealth no longer means what it used to for high-net-worth millennials. The pandemic has caused the wealthy to alter their lifestyles and reassess their priorities, changing how they perceive wealth in the process, a new report by Boston Private found. The report, titled the Why of Wealth, surveyed high net-worth individuals with at least $1 millio...

First 2020 brought a housing boom, and now 2021 is bringing a home-renovation boom. First-time buyers are more likely to buy fixer-uppers but older homeowners are the ones really spending on DIY. It's yet another chapter in generational inequality, and another way homeownership is less affordable for millennials. The other side of the housing boom is here: home-renovation projects. As Americans were left with more time on their hands and more time in their houses, they began fulfilling their wildest HGTV fantasies. Home improvement and repair spending grew by nearly 3% to $420 billion in 2020...

At least, through stock and bond investments. The generation can expect average annual real returns of just 2% on their investment portfolios, according to Credit Suisse's global investment returns yearbook. That's a third less than the 5%-plus real returns that millennials, Gen X, and baby boomers have seen. Credit Suisse's analysis took in average investment returns since 1900 and forecasted them going forward for Gen Z.  That difference sounds slim in the short-term, but looks a lot larger in the long-term. Imagine a millennial investing $1,000 for 20 years at the 5% return they've bene...