Wealth gap between young and old has widened

Synopsis: (KTSF) The wealth gap between older and younger Americans has widened dramatically, according to a study done by the Pew Research Center. Pew’s study, which looks at new data from the Census Bureau found that, on average, a household headed by adults ages 65 and older had 47 times as much net wealth as a household headed by someone under 35 years of age. In 2009, the median net worth of a household headed by someone 65 or older was $170, 494, which is a 42 percent increase from the net worth in 1984.
In contrast, the net worth of an under 35-year-old’s household in 2009 was $3,662, which is a 68 percent decrease from what it was in 1984. The reports reflects the impact of the economic downturn, which has hit young adults particularly hard for both housing and college debt.

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