Wealth gap between old and young Americans largest on record
A Pew Research Center report released on Monday shows that younger Americans have been left behind as the oldest generation has seen wealth surge since the mid-1980s, CNNMoney reported.
It’s typical for older generations to hold more wealth than younger ones, but the gap between the two age groups has widened rapidly to 47 to 1, the largest wealth gap ever recorded.
The research shows that households headed by adults 35 and younger had a median net worth of $3,662 in 2009, a 68 percent decline in wealth compared with that same age group 25 years earlier. However, households headed by adults ages 65 years and older had a median net worth of $170,494, a 42 percent increase.