Americans are generally satisfied with their personal finances, but many lack confidence in their ability to afford retirement, an emergency expense or even their daily living costs
WASHINGTON — .
Housing and college costs have imposed a much heavier strain on today’s young adults than they did on older generations. And four decades of sluggish pay growth have depressed staring salaries for people who are beginning their careers. Many older Americans have managed to build financial security through home ownership and traditional pensions, which most employers have now phased out. About three-quarters of those ages 60 and over report feeling good about their financial situations.
The median family led by someone born in the 1980s had only two-thirds the wealth that earlier generations did at the same stage in life. The same study found that the median inflation-adjusted income for people younger than 40 had declined 10% since the Great Recession. By contrast, incomes for those older than 62 had jumped 24%.
If faced with an emergency expense, Beard said he would likely charge it to a credit card. Yet he sees the economy as solid.
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