Life Course Trajectories and Wealth Accumulation in the United States: Comparing Late Baby Boomers and Early Millennials1

Rob J. Gruijters*, Zachary Van Winkle, Anette E. Fasang

*Corresponding author for this work

Research output: Contribution to journalArticle (Academic Journal)peer-review

3 Citations (Scopus)

Abstract

Millennials are often assumed to be economically worse off than pre-vious generations because of more precarious employment and unsta-ble family lives. Using sequence analysis and unconditional quantile decomposition, we analyze the work and family trajectories of late baby boomers and early millennials and relate them to wealth holdings at age 35. We find that the poorest millennials have less wealth than their baby boomer counterparts, but the wealthiest millennials have more. Millennials are less likely to enter high-status occupations and are more likely to work in low-skilled service jobs, and family trajectories show a strong decline of traditional early marriage and parent-hood; however, changes in life course trajectories cannot account for the increase in wealth inequality. Instead, the distribution of wealth has become more unequal because the economic returns to typical middle-class trajectories have increased, while the returns to typical working-class trajectories have stagnated or declined.

Original languageEnglish
Pages (from-to)530-569
Number of pages40
JournalAmerican Journal of Sociology
Volume129
Issue number2
DOIs
Publication statusPublished - 15 Sept 2023

Bibliographical note

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