Wow, that data is so upsetting and depressing. Debt has become omnipresent for those starting out, and it stifles their long term weatlh.
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?
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.