U.S. millennials are approaching middle age reportedly in worse financial shape than every living generation ahead of them.

The Wall Street Journal explains that millennials lag behind baby boomers and Generation X despite a decade of economic growth and falling unemployment. . . .

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Americans born between 1981 and 1996 have failed to match every other generation of young adults born since the Great Depression.

Hobbled by the financial crisis and recession that struck as they began their working life, they have less wealth, less property, lower marriage rates and fewer children, according to new data that compare generations at similar ages.

“One explanation for their slow progress is bad luck. Economists have found that entering the workforce during a downturn yields lower earnings for life.”

But the analysis ends with some hope:

“Mike Maughan, head of global insights at Qualtrics in Provo, Utah, which researches millennials, said the financial picture of the generation is rosier than it appears: “Millennials are much scrappier than we give them credit for.”

Employers have told Mr. Maughan that the desire of millennials for on-the-job feedback shows they are eager to improve their skills.

One other bright spot: Millennials are entering their prime earning years just as baby boomers retire. That should fuel demand for their skills and lift their earnings. ‘The job market is so much better, so much stronger than it was 10 years ago,’ said Mr. Emmons, of the St. Louis Fed. ‘That’s a huge benefit.'”

(Excerpts from Newsmax and the Wall Street Journal. Read more of the summary of the article at Newsmax or read the original, if you have a subscription, at WSJ.com.)