A typical US household headed by a person over the age of 65 is 47 times wealthier than a typical household headed by someone under the age of 35. 47 times. Politico has the story:
The median net worth of households headed by someone 65 years or older was $170,494, up 42 percent from 1984. Meanwhile, households headed by someone 35 or younger had a median net worth of $3,662, down 68 percent from that same year.In fact, 37 percent of the younger group had a net worth of zero or less, nearly double the percentage from 1984. But the percentage of the older group with less than zero net worth has remained unchanged in 27 years, at 8 percent.
To be sure, assets do accumulate as one ages. But the gap between the two groups has doubled since 2005. Even adjusting for inflation, the disparity is nearly five times the 10-to-1 ratio recorded over 25 years ago.
Skyrocketing student loans play some role in the growing wealth gap; so too does the growing trend to keep older workers on the old, high wage scales while putting new and lower wage and benefit levels into effect for new hires.Americans of all ages need to realize, though, that nobody ever wins a war against the young.