Young adult Americans are richer than ever before but, according to the Treasury Department, they still feel “an increasing sense of economic fragility.” Research released by the department Wednesday showed that real median wealth for Americans between 25 and 39 climbed to $80,500 in 2022—an increase from $23,750 in 2010, as measured in 2023 dollars.
While young American adults have enjoyed a surge in net wealth during the recovery from the pandemic, today’s under-40s are also being hit by a wide array of economic headwinds.
The Treasury research points to real non-housing debt almost doubling between 1989 and 2022—fueled by student loan debt—while the costs of housing, healthcare, and childcare have all risen faster than young adults’ incomes. The report also gave a “special mention” to the aging U.S. population which has meant that the young face increasing competition for jobs and housing from “older, wealthier, and more experienced counterparts.” It’s perhaps small wonder that a recent poll found Gen Zers think they need to earn almost $600,000 to consider themselves “financially successful.” Read more at Axios.
