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illuminem summarises for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:
🗞️ Driving the news: Baby boomers have accumulated over $85 trillion in wealth, making them the wealthiest generation by far
• Research reveals that their good fortune stems from favorable economic conditions like strong growth, low housing costs, and early access to stock investments
• However, younger generations, such as millennials and Gen Z, face significant barriers to replicating this success, such as higher debt, rising housing costs, and volatile job markets
🔭 The context: Baby boomers thrived during economic booms with rising wages, lower tuition, and favorable tax policies
• In contrast, millennials entered the job market during the Great Recession and have faced sluggish wage growth and rising living costs
• A significant portion of boomer wealth is tied to homeownership, with many purchasing homes at much lower prices compared to today’s market, where prices are much higher, and mortgage rates have surged.
• Younger generations, particularly millennials and Gen Z, have lower homeownership rates and higher student loan debt, limiting their ability to build similar wealth
🌍 Why it matters for the planet: The growing wealth gap between baby boomers and younger generations may lead to economic inequalities that could also affect climate action
• While boomers hold more resources to invest in sustainable technologies, the younger generations may struggle to do the same
• This divide could shape how future generations tackle the climate crisis and invest in long-term solutions, influencing the ability to fund green initiatives
⏭️ What’s next: The widening wealth gap may drive policies aimed at addressing housing affordability, student debt relief, and investments in green energy
• As younger generations face more challenges in wealth accumulation, governments and corporations may need to rethink economic policies to bridge the divide and promote environmental sustainability
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