we’re all aware of the wealth gap between the minorities and the majority of the population, as well as between the rich and poor but how about young and old. Its something that isnt usually talked about because it hasnt really been an major issue until now. I read an article in the Express News paper titled ‘ Young-Old wealth Gap stretches’ by Hope Yen. It was a very interesting article as it directly impacts me because I am a part of the young set under 35 years old.
The most striking statistic was the this:
The typical U.S. household headed by a person age 65 or older has a net worth 47 times greater than a household headed by someone under 35, according to an analysis of census dats released monday.
Isn’t that crazy! The analysis reflects the immediate and maybe long term impact of the economic downturn, the housing bust and the unemployment rate. Most job opportunities for young adults have been wiped out and they have been saddled with more and more college debt with high interest rates and ballooning morgages/rent rates. Its going to be really interesting to see what the latent impact of this economic slump has on the same age group once the economy recovers.