Middle-class households in the U.S. own few financial assets and the median amounts held fall far short of the assets needed to fund a secure retirement, according to the National Institute on Retirement Security, a Washington-based, non-profit research and educational group.
In 2019, middle-class millennials owned only 14% of their generations financial assets, middle-class Gen Xers owned 8% of their generations financial assets, and baby boomers just 6%.
In America, the middle class can no longer afford retirement, said Tyler Bond, the groups research manager. Middle-class Americans face sharp economic inequality, with ownership of financial assets highly concentrated among the wealthy. The retirement outlook for many … is bleak at best.
For middle-class millennial households in 2019, the mean financial assets owned were $17,802, and the median was $7,800. Middle-class Generation X households had mean financial assets of $62,944, and median financial assets of $39,000. For middle-class baby boomers, the mean amount of financials assets held was $93,298 in 2019, while the median was only $51,700.
The post Middle-class Americans are asset poor: Report appeared first on InvestmentNews.
We're here to help. Send us an email or call us at +1 (585) 329-9661. Please feel free to contact our experts.
A donation will be made by Adviser First Partners to a Veterans organization on behalf of all financial professionals and firms that register each month
Contact Us© 2024 Adviser First Partners. All Rights Reserved.
Web Design by eLink Design, Inc., a Kentucky Web Design company