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Millennials are now wealthier than previous generations were at their age. They can’t believe it either. The biggest driver of that increase was real estate. Millennials’ housing wealth grew $2.5t, after accounting for the additional mortgage debt they took on. Stocks and mutual funds also played a key role, in part because many employees made larger contributions to retirement accounts earlier in their careers.
“We don’t know how long we will have in this life, so I want to ensure that I’m enjoying it now,” he said. Some 62% of millennials say vacations are a high priority in their household, compared with 54% of adults overall, according to Mintel, a market-research firm. They are also more likely to have paid for a luxury travel experience.
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