Salon.com » Old people getting richer, young people getting poorer Mobile
This Article presents the case that “Old People” are “much, much richer than young people.” The Article cites the Pew Research Center for the fact that Americans 65 and older are 47 times richer than those 35 and younger. Of course older Americans should be more wealthy, they have worked and saved longer, “but this wealth gap is massive by historical standards.”
In 1984, old people were a mere 10 times richer than young people. Not only have old people gotten richer since then, but the median net worth of households headed by young people has declined considerably.
According to the article 37% of the young households held zero or negative net worth in 2009, this number was only 19% in 1984.
Student loan debt and mortgage debt are major factors in this growing disperity in wealth. Education and homeownership, which in the past have been routes to financial security are now routes to financial ruin.