The common belief that millennials are doing worse than previous generations may not be true after all … At least, that’s what Allison Schrager argues in a Bloomberg Opinion piece. Instead of looking at the hypothesis in purely quantitative terms, you should also look at how things match up in the much-changed world, she says. While statistically speaking millennials — who are generally defined as the generation born between 1981 and 1996 — are less likely to own homes than their parents' generation, they may have just invested their time and money differently. Taking into account a more expansive definition of wealth, perhaps millennials are not exactly the downtrodden underdogs meme culture insists they are.

The first thing to consider is education. While millennials are in twice as much debt as their parents were at the same age, most of the debt comes from student loans, indicating that they have invested more into education for their future, and therefore higher paying jobs. While millennials are less likely to own a home, that is also because these well-educated young people tend to live in large urban areas, where the higher paying jobs are. “If you live somewhere you can’t afford to buy a home, it might be because you live somewhere that puts your career on a fast track,” Schrager writes.

Is it because millennials have more stability? *scoffs*: Another argument Schrager poses is that millennials tend to change jobs less frequently than previous generations. The stable, predictable income is more valuable than the riskier, if higher, wages our grandparents used to get by jumping from job to job. It also explains why millennials are slower at getting promotions and raises, as these increases are partly driven by moving around. Adding to this stability is the abundance of retirement plans at work, which were harder to come by for boomers in the workplace. However, her assumption might not be correct, as a Gallup report actually found that millennials are the generation most likely to switch jobs.

While we appreciate the optimism, we’re not sold just yet: The statistics only fuel our doubts, with millennials controlling just 4.6% of US wealth, despite making up the largest portion of the workforce. Meanwhile, baby boomers hold 53% of the country’s wealth, Gen X 25%, and the silent generation 17, according to CNBC. Maybe you’d like to play devil’s advocate and say that the numbers make sense, as older generations have had more time to fill their bank accounts. But in 1989, when baby boomers were the same age as millennials today, they held 21% of the US’ wealth, almost five times as much.

Surveys conducted in the MENA region indicate a similar problem: While there aren’t similar statistics to quantify the wealth gap in Egypt, a regional survey by Ipsos gives a snapshot of millennials' concerns. Dubbing them an “anxious generation,” the survey found that 61% of millennials feel that it was easier for older generations to make money. Meanwhile, 41% feel overwhelmed by financial burdens and 14% are in debt. When asked how optimistic they are for the future, Egyptian millennials came in last at 37% compared to the 73% in Saudi who said they were excited for the future. The pessimism was attributed to concerns over the political, social, and economic environment in the country.

We don’t mean to be morbid… Increased life expectancy worldwide could also be playing a factor in millennials' poverty. Inheritance of assets is an easy and quick way to redistribute wealth among generations. However, with advances in healthcare and fewer wars, many millennials haven’t inherited wealth from their parents or grandparents just yet. Visual Capitalist charts the wealth gap between generations in the US and notes that millennials are expected to inherit USD 68 tn from baby boomer parents by 2030.

And covid-19 is dividing the generation into ‘the millennial rich’ and ‘the millennial poor’: Following the 2008 financial crisis and political unrest over the past decade, the pandemic is the latest in a string of setbacks to befall millennials’ wealth potential. The intergenerational socioeconomic gap is reflected in the K-shaped recovery the US has been experiencing, in which the wealthy are bouncing back and the lower-earning are staying down, according to Business Insider. Generational researcher Jason Dorsey has categorized the generation into the “me-llennials” who feel financially and professionally behind and “mega-llennials” who are financially sound. The pandemic has further exacerbated the high income inequality as many grapple with issues such as unemployment, and increased childcare costs in an economy that doesn’t always support them.

But Gen Z has learned from their predecessors’ mistakes: Bank of America estimates that Gen Z will have a higher income than millennials by 2031 and will be the “most disruptive generation ever” to economies, markets and social systems, according to CNBC. The bank defines the generation as those born between 1996 and 2016. Gen Z are more tech savvy than millennials and understand the benefit of going into career paths that have proved resilient in times of crisis. They will also likely be quick beneficiaries of “The Great Wealth Transfer” from older cohorts. As they go into the workforce, Gen Z’s income is expected to increase fivefold by 2030 to USD 33 tn, accounting for over a quarter of global income.