Your Money: Younger Generations Lag Parents In Wealth-Building

Most young workers have accrued less wealth than their parents did at the same age

Student loan debt, credit card scams, and medical bills. Oh my! Young people up to age 40 have accrued less wealth than their parents did are the same age, even as the average wealth of Americans has doubled over the last quarter-century, a new study from the Urban Institute finds. Young adults will probably face less secure futures for decades down the road and less comfortable retirements. “It’s a little bit of a tipping-point moment,” said Signe-Mary McKernan, an author of the study. “If we don’t address it today, [young adults] might never catch up.” Experts say strong and sustained job and wage growth would cure many of the ills facing younger workers. Honestly, the ball is in Washington’s court on this one. (New York Times)

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