Jeremie over at eFIPO posted an interesting article that has some data regarding Generation Y finances, which can be applicable here since there is some overlap between Generation X and Y. The study was done by the American Institute of Certified Public Accountants and while the numbers are somewhat shocking, unfortunately I have no doubt they are a fairly accurate representation.
Americans aged 25-34 had a median net worth of $3,746 in 2004, which is a significant decrease from $6,788 in 1985. Debt accumulation has also increased from $3,118 to $4,733.
These numbers are not very encouraging, but with the help of the personal finance blogs and other efforts being made to help improve this generation’s financial issues I’m sure things will begin to improve.
Courtesy of: Generation Y Not?
Author: Jeremy Vohwinkle
My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.