Check out this article “The Typical American's Net Worth By Age: Here's Where You Stand”. It compares household net worth by age as reported by the Census Bureau.
I think it is interesting that the 70th percentile for the 35 to 44 age group has similar net worth as the “average” (50th percentile) household in the 55 to 64 and +65 age groups. Is it indicative of a shift in participation in defined contribution plans versus the reliance Baby Boomers placed on pensions and Social Security? Or does it suggest that younger adults are taking charge of their finances and getting ready for a secure financial future?
In our firm, we are noticing more people from Gen Y seeking out professional financial advice. This is great news because getting on the right track when you are young will pay off exponentially over time. Many decisions about allocating resources, enhancing portfolio return, and planning for future uncertainty can be addressed with qualified financial planning services. Studies actually confirm that people who have a plan accumulate more wealth over time. We also notice these people tend to have peace of mind about their future.
Contact our office to learn more about how we can help you grow and protect your wealth.