An analysis of St. Louis Federal Reserve data in 2022 showed that younger families in the U.S. have actually made remarkable gains. The study noted that the median wealth of older millennials was 37% above expectations. On the other hand, those of younger millennials and older Gen Zers was at 39% above expectations.

Collectively, millennials are now worth about $15.95 trillion, up from $3.94 trillion five years earlier, according to Federal Reserve data.

Millennial wealth is surging, yet many still feel like they’re struggling because their cash is tied up in assets not readily available. Millennial wealth in the United States has nearly quadrupled since 2019,