30-Somethings Are Financially Worse Off Than Parents

It’s rough for 30-something olds these days.

Americans in this age group are the only ones in the country worst off than their counterparts were three decades ago, according to a recent study by the Urban Institute.

The researchers found the net worth for someone in his thirties today is down by 21 percent of what it was in 1983. This is the first time a generation of Americans may end up poorer than their parents since the Great Depression.

The authors of the study suggest “stagnant wages, diminishing job opportunities, and lost home values” may be the cause of this shift. Another financial burden is college debt, which has more than tripled in the last 10 years, according to the Federal Reserve of New York.