A report by the Pew Research Center, “The Rising Age Gap in Economic Well-Being,” analyzed data from the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP). The survey compared 6,513 households headed by persons younger than 35 with nearly 8,500 headed by adults ages 65 and older.
The study’s findings are as follows, broken out into key categories:
- Home equity: Adults aged 65 and older are now more likely to own a home: 79% in 2009 versus 73% in 1984. Older households also had 57% more equity in their homes in 2009 than did those in 1984. By comparison, households headed by adults under 35 had less housing wealth in 2009 than in 1984 and were less likely to be homeowners: 38% in 2009 versus 40% in 1984.
- Assets: In 2009, older households possessed 42% more net worth than similar households did in 1984. However, households headed by younger adults in 2009 had 68% less net worth than similar households in 1984.
- Income: For younger households, in 1967 the median adjusted annual income was $38,555; in 2010, it was $49,145, an increase of 27%. For households headed by adults over 65, in 1967 the median adjusted annual income was $20,804; in 2010, it was $43,401, an increase of 109%.
- Net wealth: In 2009, older households had 47 times as much net wealth as the typical household headed by someone in the younger age group ($170,494 versus $3,662). By comparison, in 1984 this ratio was 10 to 1. In 1984, the median net wealth gap between old and young was $108,936; by 2009, that gap had widened to $166,832.
- Overall, households headed by adults under 35 are much more likely to be living below the poverty line: in 1967, 11% of such households were in poverty; by 2010, that number had doubled to 22%.
this is deeply troubling trend data.