Tuesday, November 08, 2011

Old folks have 47 times more networth than youngsters


In 1984, households headed by people age 65 and older were worth just 10 times the median net worth of households headed by people 35 and younger.

But now that gap has widened to 47-to-one, marking the largest wealth gap ever recorded between the two age groups.

"We don't know how the story ends, but we know how the story is beginning," said Paul Taylor, executive vice president of the Pew Research Center. "At the beginning, today's young people are not doing better than yesterday's young adults."