Millennials -- which the Pew Research Center classifies as the generation born between 1981 and 1996 -- have much less net worth than Generation X households did when each generation was between 25 to 34 years old, according to a recent Government Accountability Office study of Federal Reserve Bank data.

The median wealth of millennial households was just over $20,000, while Gen X had about $31,250 according to the GAO.

Millennials are carrying more student loans, the average student loan debt for young adults ages 18 through 29 has increased nearly tenfold since the late 1980s.