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December 19, 2022 at 10:28 PM
Related: The World’s 17 Youngest Billionaires
It behooves financial advisors across the U.S. to take note that young Americans are making significant strides in building their wealth, sometimes doing better than their older counterparts. The collective financial wealth of millennials and Generation Z rose to $3.6 trillion in 2021, the most of any generation group, according to recent research from Cerulli Associates.
The U.S. Census Bureau’s latest American Community Survey adds some color to this landscape. It found that many householders 25 and younger boast six-figure incomes, with quite a few in excess of $200,000 a year.
The American Community Survey gathers information annually in the 50 states, the District of Columbia and Puerto Rico that was previously available only in the long-form decennial survey, such as income, employment, educational attainment, migration and housing.
As young people accumulate wealth, they are looking to professionals for advice in managing their assets, with goals and requirements different from advisors’ Gen X and baby boomer clients, according to Cerulli. This will require providers to anticipate each prospective client’s evolving needs.
See the gallery for the 12 states with the largest percentage, and total number, of residents who are 25 or younger and already making more than $100,000 a year. Start building relationships now, and they could soon become your next generation of wealthy clients.
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