FuzzyLumpkins
11-07-2011, 07:02 PM
The Rising Age Gap in Economic Well-Being
The Old Prosper Relative to the Young
November 7, 2011
Older adults have made dramatic gains relative to younger adults in their economic well being during the past quarter century, according to a new Pew Research Center analysis of data from two key U.S. Census sources.
Trends in household wealth reveal the pattern most vividly. In 2009, the median net worth (all assets minus all debts) of households headed by an adult ages 65 or older was 42% more than that of their same-aged counterparts in 1984. By contrast, the net worth of a typical household headed by an adult under the age of 35 in 2009 was 68% less than that of their same-aged counterparts in 1984.
As a result of these divergent trends, in 2009 the typical household headed by the older adult had $170,494 in net worth, compared with just $3,662 for the typical household headed by the younger adult. People generally accumulate wealth as they age, so it is not unusual to find large age-based gaps on this measure. [b]However, the current gap is unprecedented. In 1984, the age-based wealth gap had been 10:1. By 2009, it had ballooned to 47:1.
These age-based gaps widened significantly during the sour economy of recent years, but all key trends are several decades old, indicating that they are also linked to long-term demographic, social and economic changes that have affected different age groups in different ways. These changes include structural changes in the labor and housing markets; delayed marriage; delayed retirement; and the changing racial and ethnic composition of the population.
FULL REPORT (http://www.pewsocialtrends.org/2011/11/07/the-rising-age-gap-in-economic-well-being/?src=prc-headline)
Full report is long but well documented and insightful. Pew does good stuff. Quite frankly, it just serves to make me more angry. You can only shit on a people for so long.
Come on and tell us how we are lazy. We have the worst leadership this country has had on over 100 years.
The Old Prosper Relative to the Young
November 7, 2011
Older adults have made dramatic gains relative to younger adults in their economic well being during the past quarter century, according to a new Pew Research Center analysis of data from two key U.S. Census sources.
Trends in household wealth reveal the pattern most vividly. In 2009, the median net worth (all assets minus all debts) of households headed by an adult ages 65 or older was 42% more than that of their same-aged counterparts in 1984. By contrast, the net worth of a typical household headed by an adult under the age of 35 in 2009 was 68% less than that of their same-aged counterparts in 1984.
As a result of these divergent trends, in 2009 the typical household headed by the older adult had $170,494 in net worth, compared with just $3,662 for the typical household headed by the younger adult. People generally accumulate wealth as they age, so it is not unusual to find large age-based gaps on this measure. [b]However, the current gap is unprecedented. In 1984, the age-based wealth gap had been 10:1. By 2009, it had ballooned to 47:1.
These age-based gaps widened significantly during the sour economy of recent years, but all key trends are several decades old, indicating that they are also linked to long-term demographic, social and economic changes that have affected different age groups in different ways. These changes include structural changes in the labor and housing markets; delayed marriage; delayed retirement; and the changing racial and ethnic composition of the population.
FULL REPORT (http://www.pewsocialtrends.org/2011/11/07/the-rising-age-gap-in-economic-well-being/?src=prc-headline)
Full report is long but well documented and insightful. Pew does good stuff. Quite frankly, it just serves to make me more angry. You can only shit on a people for so long.
Come on and tell us how we are lazy. We have the worst leadership this country has had on over 100 years.