Fact of the Week: 20 August 2012
fact of the week
Median Net Worth for Families Aged 45-64 Declined by About One Third During the Recession
There were "substantial declines in median net worth by age group between 2007 and 2010." The 35-to-44 age group saw a 54.4 percent decline in median net worth, while the median for the less-than-35 age group fell 25.0 percent. The declines in median worth for middle-aged families (the 45-to-54 and 55-to-64 age groups) were also large, 28.4% and 32.6%, respectively. Among 65-74 year olds, the median fell 17.4%, according to a 2012 analysis of data from the Survey of Consumer Finances.
Bricker, J., A Kennickell, A. B., Moore, K. B., & Sabelhaus, J. (2012). Changes in U.S. family finances from 2007 to 2010: Evidence from the survey of consumer finances. Federal Reserve Bulletin, 98(2), 2-80. Retrieved from www.federalreserve.gov.
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