Millennials may be the largest generation workforce in the US, but they’re also the least wealthy.

The generation holds just 4.6%, or $5.19 trillion, of US wealth, Bloomberg reported, citing recent Federal Reserve data. Boomers, however, are 10 times wealthier. They hold 53.2%, or $59.96 trillion, of US wealth. That’s also twice the $28.5 trillion of US wealth that Gen X holds.

The Fed defined millennials as those born between 1981 and 1996 (turning ages 24 to 39 in 2020) and boomers as those born between 1946 and 1964 (turning ages 56 to 74 in 2020).

It’s a stark generational wealth gap considering there are 56 million millennials in the workforce, per the Pew Research Center, more than any other generation. By comparison, there are 41 million boomers in the workforce.

This wealth gap is partially explained by the fact that boomers are older, so they’ve had more time to

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  • “Ethnic” is a word and a grocery category that’s becoming increasingly outdated as Americans’ tastes shift.
  • Krishnendu Ray, the head of the Nutrition and Food Studies department at New York University, told Business Insider that “ethnic” is a residual category that encompasses anything that is perceived as neither Black or white.
  • Mainstream tastes have become more diverse and inclusive as immigrant millennials, who are nearly twice as likely to be college-educated than previous generations, come into buying power.
  • But even though America’s taste in food is becoming more culturally diverse, that doesn’t always translate to financial benefits for people from cultures that create new mainstream foods.
  • Visit Business Insider’s homepage for more stories.

Salsa, soy sauce, and masala have nothing in common. So why are these seemingly random ingredients often lumped together into one section of the grocery store: the ethnic aisle?

“In 2020, this doesn’t feel like the way

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A decade ago, the Institute for Women’s Policy Research (IWPR) conducted the first national survey that asked workers whether their bosses allowed them to discuss wages and salaries. Results revealed that half of all workers — and approximately two-thirds of private sector workers — were either formally banned or discouraged from talking about pay. Since 2010, 10 states and D.C. have passed legislation penalizing employers who retain these pay secrecy policies. Until recently, whether these state efforts had the intended effect within workplaces remained unknown.

In 2017 and 2018, a team of us — myself, Patrick Denice of Western University and Shengwei Sun, who recently joined IWPR — partnered with the research firm GfK and expanded on IWPR’s initial efforts. We surveyed nearly 2,600 full-time workers on a range of topics, including pay secrecy policies. Our findings indicate that these state-level efforts, and all the ongoing national attention to the

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  • In Business Insider and Insider Intelligence’s Master Your Money Invest & Thrive Survey, millennials across all income levels say they aren’t investing because they don’t think they earn enough money.
  • However, it’s never been cheaper to start investing, and time in the market is an advantage that can’t be overlooked.
  • Waiting until you have “enough” money to invest is dangerous, because it shortens your time horizon, increasing your risk at the same time.
  • Investing regularly is much like building any other habit — you start small, get used to it, and go from there.
  • This article is part of a series focused on millennial financial empowerment called Master your Money.

 

Time is everything in investing. No, not plotting for the perfect moment to buy into the market, but simply getting in whenever you can and staying put.

Of course, you need money to invest, too, but probably less than you

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The coronavirus pandemic has uprooted most aspects of daily life — and much of the economy built around it.

How Singapore’s start-ups are shaping a post-pandemic future

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But out of crisis comes opportunity. And for some young entrepreneurs, the pandemic has unearthed green shoots for a new future.

In Singapore, fast-growing start-ups in the food, retail and technology industries have been working to respond to the changing environment. CNBC Make It spoke to three millennial entrepreneurs to find out how they’re meeting new consumer demands, and what that might mean for a post-pandemic world.

Finding green shoots in crisis

When the novel coronavirus emerged at the start of 2020, agriculture was one of the industries first hit. Supermarket shelves were cleared as people feared food shortages amid border closures and supply chain disruptions. 

Even before the pandemic, Ben Swan of Singaporean agriculture technology start-up

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Many companies and institutions have hardship programs to help debtors during difficult times. If you are struggling to pay off student loans, your mortgage or credit card debt, call your lenders and discuss your payment options. “Financial accommodations are generally readily available right now,” said Amy Thomann, the head of consumer credit education at TransUnion, a credit reporting agency. “Lenders, just like consumers, understand the hardships that are going on in the economy.”

If your lender agrees to defer your payments or lower your interest rates, Mr. Kelly recommends putting the amount you would have owed into an emergency fund.

Speaking of interest rates — they are extremely low right now, so read up on incentives and find out whether this is a good time to refinance your mortgage or private student loan, said Taha Choukhmane, an assistant professor of finance at the Massachusetts Institute of Technology.

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Thanks to feedback from associates, JM Family was once again named one of the Best Workplaces for Millennials

Deerfield Beach, Fla., Aug. 13, 2020 (GLOBE NEWSWIRE) — Great Place to Work and FORTUNE have honored JM Family Enterprises, Inc. as one of the 2020 Best Workplaces for Millennials. The diversified automotive corporation took the No. 49 spot on the list, and is one of only two large companies based in South Florida to be featured.

“We are honored to once again be recognized because of the positive feedback from our millennial associates,” said Carmen Johnson, executive vice president of Human Resources and Legal. “At JM Family, it is in our DNA to continuously strive toward improvement while remaining true to our celebrated culture. We regularly survey our associates and seek out ways to fulfill their needs, so it is gratifying to know that we are moving the needle in the

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