Financial panic button for younger Americans - Saw 59% Decline in Net Worth from 2007 to 2010Submitted by Charleston Voice on Wed, 06/20/2012 - 22:24
– The sandwich generation saw a 59 percent decline to their net worth as they deal with college aged students living at home and elderly parents.
Posted by mybudget360
Unfortunately more data pointing to the deterioration of the middle class came out this week regarding net worth figures.
One of the more ominous data points regarded the sandwich generation of those taking care of college aged kids and parents. The net worth figures this time released by the US Census coincide with the information released by the Federal Reserve. In short, American balance sheets are in a deep panic.
Over 90 percent of Americans have been crushed through this recession if we examine net worth data. They have seen their wealth decline from a net worth perspective but also their incomes have fallen. Not the ideal sort of combination for economic prosperity. The information released is troubling but beyond that, it must serve as a push for a panic button to fight for the middle class. Whether people acknowledge or not, the middle class is being lost day by day.
Finish reading with charts:
Financial panic button for younger Americans - Saw 59% Decline in Net Worth from 2007 to 2010