The household wealth of Americans under 40 has increased nearly 50% from levels prior to the pandemic, said the Center for American Progress. This is the largest growth this demographic has experienced since the Federal Reserve began tracking this information in 1989.
The report said that Americans under 40 have enjoyed larger asset gains while being able to decrease certain liabilities. For example, average housing wealth has increased by $22,000 and liquid assets have grown. The average value increase for the demographic’s financial assets were up by $31,000.
Additionally, the group has seen nonhousing debt drop by $5,000. However, despite gains, older Americans are still much more wealthy than younger Americans, the report stated.
