PHILADELPHIA: Gen X and Gen Y are destined to become the first generation to have lower standards of living than their parents.
The long-standing “generational bargain” in which each generation of the working supports retirees while still improving its own standard of living, is now at risk.
Those aged 25 to 34, now have less wealth than people of the same age eight years prior – even though they saved more than people of that age did in the past, and they have greater costs…