The scars remain nearly 10 years after the financial crisis.

A new research paper (pdf) from the Federal Reserve Bank of St. Louis, looking at the collateral damage on household finances, estimates that Americans born after 1960 still have less wealth compared to previous generations. Millennials, or Americans born in the 1980s, fell furthest behind. Their net worth is about 34% lower than what previous generations had at their age.

The Fed estimated a benchmark level of wealth, for each age, based on almost 30 years worth of data. By 2016, they estimate older generations are better off than the benchmark, but younger generations are behind. And the younger they are, the worse off they are.

But despite what has been reported elsewhere (paywall), that does not necessarily mean they are falling behind. The data simply reflects that many millennials took a different bet—and it still might pay off.

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