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The Demographics of Wealth - How Age, Education and Race Separate Thrivers from Strugglers in Today's Economy. Essay No. 3: Age, Birth Year and Wealth

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  • Ray Boshara
  • William R. Emmons
  • Bryan J. Noeth

Abstract

Although there may be downsides to old age, those 62 and older can take heart in knowing that the odds are in favor of their being wealthier than younger people. And the gap has widened considerably over the past quarter-century?in favor of old people. That said, being old isn?t what it used to be. Baby boomers, who are now retiring in droves, are likely to be less well-off than their ?old? counterparts in the two previous generations. And it looks as if members of the next two generations ? Generation X and Generation Y (the millennials) ? might also end up less wealthy than the generation before them.

Suggested Citation

  • Ray Boshara & William R. Emmons & Bryan J. Noeth, 2016. "The Demographics of Wealth - How Age, Education and Race Separate Thrivers from Strugglers in Today's Economy. Essay No. 3: Age, Birth Year and Wealth," Demographics of Wealth, Federal Reserve Bank of St. Louis, issue 3, pages 1-28.
    • Handle: RePEc:fip:fedldw:00003
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    References listed on IDEAS

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    1. Pence Karen M., 2006. "The Role of Wealth Transformations: An Application to Estimating the Effect of Tax Incentives on Saving," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 5(1), pages 1-26, July.
    2. Gale, William & Pence, Karen, 2006. "Are Successive Generations Getting Wealthier, and If So, Why?Evidence from the 1990s," MPRA Paper 55502, University Library of Munich, Germany.
    3. William R. Emmons & Bryan J. Noeth, 2014. "Five Simple Questions That Reveal Your Financial Health and Wealth," In the Balance, Federal Reserve Bank of St. Louis, issue 10, pages 1-3.
    4. Willaim G. Gale & Karen M. Pence, 2006. "Are Successive Generations Getting Wealthier, and If So, Why?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 37(1), pages 155-234.
    5. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-475, June.
    6. William R. Emmons & Bryan J. Noeth, 2013. "Economic vulnerability and financial fragility," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 361-388.
    7. Easterlin, Richard A., 1987. "Birth and Fortune," University of Chicago Press Economics Books, University of Chicago Press, edition 2, number 9780226180328, January.
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