Young Americans more stressed out then any other generation

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  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    http://finance.yahoo.com/news/younger-generations-lag-parents-wealth-010609593.html\\

    Younger Generations Lag Parents in Wealth-Building

    WASHINGTON — Pearl Brady has a stable job with good benefits and holds two degrees, a bachelor’s and a master’s. But despite her best efforts, she has no savings, and worries that it will be years before she manages to start putting away money for a house, children and eventually retirement.

    “I’m in that extremely nervous category,” said Ms. Brady, 28, a Brooklynite who works for a union. “I know how much money I’m going to be making for the near term. I hope in my 30s and 40s to be able to save, but I have no idea how. It’s scary.”

    Ms. Brady has plenty of company. A new study from the Urban Institute finds that Ms. Brady and her peers up to roughly age 40 have accrued less wealth than their parents did at the same age, even as the average wealth of Americans has doubled over the last quarter-century.

    Because wealth compounds over long periods of time — a dollar saved 10 years ago is worth much more than a dollar saved today — young adults probably face less secure futures for decades down the road, and even shakier retirements.

    “In this country, the expectation is that every generation does better than the previous generation,” said Signe-Mary McKernan, an author of the study. “This is no longer the case. This generation might have less.” The authors said the situation facing young Americans might be unprecedented.

    A broad range of economic factors has conspired to suppress wealth-building for younger American workers; the trend predates the Great Recession. Younger Americans are facing stagnant pay — the median income, when adjusted for inflation, has declined since its 1999 peak — as well as a housing collapse and soaring student loan debt.

    In interviews, a half-dozen young adults — men and women, with families and single, in a broad range of industries — described economic conditions that left them just barely keeping their heads above water.
  • mc317
    mc317 Members Posts: 5,548 ✭✭✭✭✭
    Nixon cant say ?