Younger Generations Lag Parents in Wealth-Building

Chuck Ross, 31, has a master's in economics and at one point built up a $12,000 nest egg from investing. But he lives in Wichita, Kan., where jobs in his field are few. He works at a large chain restaurant and is struggling with $40,000 in student loans. "My dad works for himself," he said. "He's always joking about how he'll work until he dies. We laugh, but for me, that's becoming more and more of a thought."

Others said they had put their money into a home only to fall into foreclosure, or were struggling to pay for child care.

Strong and sustained job and wage growth would cure many of the ills facing younger workers, experts said. But their delayed or diminished wealth accumulation might still have a lasting impact on their finances.

"It's a little bit of a tipping-point moment," said Ms. McKernan of the Urban Institute, a nonprofit Washington research institution. "If we don't address it today, they might never catch up." For instance, the researchers said, if a person delayed the purchase of a home to age 40 instead of buying at age 30, that might result in a $42,000 loss in home equity by the time she reaches 60, given trends in wealth accumulation over the past few decades.

(Read More From NYT: Hidden Costs of the Minimum Wage)

Source: http://www.cnbc.com/id/100557883

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