Despite some obvious problems in recent years, the financial status of the average American remains on an upward trajectory. According to a study that came out last month from the Urban Institute, average household wealth doubled between 1983 and 2010. But if you delve into the growth by different age groups, the numbers are a bit more troubling.
Households headed by older folks have done very well: Those families headed by people 74 or older had 149 percent more assets in 2010 than similarly aged households had in 1983. Those aged 56 to 64 had 120 percent more. Each group aged 47 or older had at least 75 percent more wealth in 2010 than their counterparts had in 1983.
But for younger generations, the story is very different. Households headed by people aged 38 to 46 have just 26 percent more wealth than such households had in 1983. And those aged 29 to 37 have actually lost ground: Those families have 21 percent less wealth than similar families had a generation ago.
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