Of those with retirement accounts, boomers have more saved. The majority of millennials have less than $25,000 saved, while the majority of boomers have more than $25,000 saved. Almost half of boomers have over $100,000 saved, compared to only 8% of millennials.
Boomers have naturally had more time to save, but it doesn't help that the Great Recession has put millennials behind. Because they bore the brunt of it, older millennials have had a harder time saving for retirement, Jason Dorsey, a consultant, researcher of millennials, and president of the Center for Generational Kinetics, previously told Business Insider.
This is particularly true for millennials born in the 1980s, who are at the greatest risk of becoming a lost generation for wealth accumulation, according to a 2018 report by the Federal Reserve Bank of St. Louis.