Younger, Less Educated Take Hit in Recession
New estimates from the U.S. Census Bureau show the effects of a down economy: median household net worth declined by 35 percent between 2005 and 2010. That’s a loss of over $36,000, falling from $102,844 to $66,740.
”The overall decline in net worth reflects drops in housing values and stock market indices,” Census Bureau economist Alfred Gottschalck says in a statement.
While the households of people over 65 lost more money over the period, people under 35 lost a much greater percentage of net worth. Similarly, while groups at all levels of education also experienced declines, education provided a degree of economic insulation.
Citizens with a high school diploma saw their net worth decline by 39 percent, while those with bachelor’s degrees saw a 32 percent decline. And in 2010, the net worth of someone with only a high school education was $42,223. For the holder of a bachelor’s degree, it was $142,518; and those with graduate or professional degrees were valued at $245,763.
You can learn more at the Census Bureau’s Wealth and Asset Ownership page.