Boomers and their kids earn less than their grandparents

These two generations, born between the late 1940s and the early 1980s, have earned less money and accumulated less wealth than their parents and grandparents, a study from the Federal Reserve Bank of St Louis has concluded.

The older ‘Silent Generation’, born before and during World War II, won the birth lottery in several ways. Birth rates were low during the Depression and the war, so a scarcity effect helped push up wages when they entered the workforce in the 1950s.