People over 55 own 72% of all assets
Assets of households under 55 face plateau
Young people pay attention to Trump ahead of next year’s presidential election
In the United States, baby boomers are becoming wealthier, while younger generations are lagging behind in asset accumulation. On the 21st (local time), Fox Business reported this and that as a result, the votes of young American voters are turning to former President Donald Trump ahead of next year’s presidential election.
According to data from the U.S. Federal Reserve (Fed), as of the third quarter of this year, the U.S. population aged 55 or older accounted for 72% of total U.S. assets. Of these, 30% of assets are held by those aged 70 or older. The media explained that the fact that the number of people over 70 in the United States has increased by about 2.3 million since 2019 due to aging is also having an impact.
On the other hand, younger generations such as Generation X, Millennials, and Generation Z under the age of 55 appear to be facing stagnant assets.
25% of people aged 40 to 54 own only 20% of all assets in the United States, and those under 40 own less than 7% of assets. These two groups account for 53.3% of the population, but only 27% of the assets.
“Young people, who haven’t had time to save money and buy a home, aren’t seeing their wealth grow to the same extent as baby boomers,” said EJ Antony, an economist at the Heritage Foundation. “But for existing homeowners, this has been an absolute benefit.” .
He also noted, “The strong stock market and rising home values in the post-COVID-19 era have helped older Americans.”
Among these, according to a recent poll by Fox News conducted ahead of next year’s US presidential election, young voters showed a 13% higher approval rating for former President Donald Trump than for President Joe Biden.
Young voters also cited the economy as one of their biggest concerns next year.
“Inflation is high and financial conditions are difficult,” said Garrett Bentley, former senior adviser to the Senate Judiciary Committee. “Young people are taking on more credit card debt than ever before. “We have little savings for basic emergencies such as medical bills and car repairs,” he said.
He went on to say, “You can see former President Trump’s political realignment here,” and expressed his opinion that young voters are returning to former President Trump because of their dissatisfaction with the economy.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.