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According to the Pew Research Center, 40 per cent of people currently between the ages of 25 and 37 have a bachelor’s degree or higher. That compares to roughly a quarter of baby boomers and about three-in-ten Gen Xers when they were the same age. The good news is that the average income for those with a bachelor’s degree or more is the same as it was for a Gen Xer. For those without a degree, however, relative incomes have declined significantly.

The same report also shows that millennials have slightly less wealth than boomers and Gen Xers did at the same age with a median net worth of about $12,500 in 2016, compared with $20,700 for households headed by Boomers and $15,100 for Gen X households.

One would think savings rates would be higher given 15 per cent of millennials still live with their parents — that’s nearly nearly twice the rate of early boomers and six percentage points higher than young Gen Xers.

That said, while noticeable, we don’t think these gaps are material enough to warrant such a pessimistic view of capitalism.

We wonder if it’s a deeper rooted problem of this generation being unable to adapt to today’s rapidly changing environment where old strategies are proving not only unsuccessful but extremely frustrating.

Banks, for example, are cutting staff at a brisk pace, while technology firms are where the jobs are at.

Yet our education system remains focused on an old-world memorize-and-regurgitate model and less on case studies, human interaction and behavioural models which are much in need in today’s world. It doesn’t help that language courses are still plentiful while technological skills such as coding remain options if offered at all.