[TinyRick]

I agree that demographics are a factor, but definitely not the only one and likely not the most impactful factor. Financial conditions are another big cause that likely had just as much if not more of an effect than demographics. We're coming out of a decade of near-zero interest rates, after a financial crisis, where millennials were just starting their careers and couldn't benefit from low rates anywhere near as much as older, more established (wealthier) generations. Millennials also have a significantly higher inflation-adjusted cost of living for essentials (housing, healthcare, education, food).