Millennials, by themselves, saw their wealth double in those years. By contrast, wealth declined by 7% between 2019 and 2023 for Americans ages 40 to 54, a group dominated by Generation X.

According to a recent Capital One Shopping study, millennials dominate in total spending but are deliberate about where their dollars go. Gen Z shops more often but with smaller budgets. Gen X?

Indeed, people of the Gen X generation, most of whom are in their 50s, are in a tough spot as they support aging parents (in their 80s or 90s) in addition to their adult children (20s and 30s).