Report Finds People Born in the 1980's Are the Most Broke

Americans and debt go together like peanut butter and jelly. But according to a new report, people born in the 1980's really love debt.

The the Federal Reserve Bank of St. Louis found that people born between 1980 and 1989 were worth about 34 percent (or around $12,000) less than they were expected to be in 2016. Older generations were not doing great either, with people born in the 1960's worth about 11 percent less and people born in the 1970's worth about 18 percent less than expected. But obviously those born in the 80's were the worse off.

The biggest contribution to this is the form of debt. Older generations find most of their debt wrapped up in real estate, such as owning their house. So when the recession hit, they lost value on their homes, but have been able to make up for it as the real estate market bounces back.

Meanwhile people born in the 1980's have most of their debt wrapped in credit cards and student loans, which do not gain in value over time.

The report did find that people born in the 1980's do save more money than expected, and that they're also more well-educated than ever before, indicating that many of their financial problems will begin to ease over time.

But until then, don't be surprised if you see a lot of millennials eating peanut butter and jelly sandwiches.

(h/t Esquire)

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