Workers 35-65

Misleading Statistic About Wealth Among Senior Citizens As Against Those Under 35

A new statistic has been publicized, stating that those Americans over 65 have average assets of $170,000 as compared to those under 35 having assets of only about $3,600, therefore making senior citizens 47 times as wealthy as those under 35.

The first reaction is to be outraged that young people under 35 have so little in assets, but upon further reflection, the statistic is extremely misleading.

Remember that the average person 65 and older no longer works, and if he or she does, it would most likely be part time. If a senior does not have some assets from property and investments, there is no way for that person to improve his economic condition without full time work. Such a person has, hopefully, saved and invested and worked very hard to acquire his or her economic status.

On the other hand, the average person under 35 is early in his or her work life, has recently finished education, has recently been married, and would be unlikely to have as high an income as one much more experienced and older, but he or she has literally 30 years or more to invest, save, achieve success in work, and become a person who is likely to inherit some wealth from family as well.

The time for acquisition of wealth is primarily between 35 and 65, which is not considered in this discussion, so it is misleading to make a comparison between such young and such old Americans, and leave out the key years of 35-65.

Not many of today’s senior citizens had many assets when they were under 35, so let’s not fault them for having it after age 65, when they are dependent on their earlier level of success to sustain themselves in the retirement years!