Millennials, once dubbed the "burnout generation," are starting to build wealth, yet their career progress is hitting a wall. A new analysis shows that those born between 1981 and 1996 now hold 14.2% of U.S. household wealth, up from 4.6% a decade ago, per Federal Reserve data. Their net worth, adjusted for inflation, has grown faster than Gen X and Baby Boomers at similar ages, driven by rising home values and stock market gains.
However, their professional lives tell a different story. Many are stuck in middle management, with only 15% of corporate vice president roles filled by millennials in 2024, compared to 25% for Gen X at the same age in 2008, according to Korn Ferry. Stagnant promotions stem from flatter corporate structures, fewer senior roles, and reluctance to relocate for jobs. Economic headwinds like the 2008 recession and student debt, averaging $40,000 per borrower, forced many to prioritize stability over ambition.
Millennials are also reshaping work culture. They value flexibility and purpose, pushing for remote work and mental health benefits. Yet, this focus can clash with traditional corporate expectations, slowing their climb. Wealth gains are uneven, too: Homeowners and those with investments benefit most, while renters and lower earners lag.
As they enter their 40s, millennials face a paradox—financially better off but professionally frustrated. Their next challenge: breaking through the career ceiling without sacrificing the values they’ve championed.