Since the pandemic, one age group has seen its wealth surge: Americans under 40
CBSN
In the years since the pandemic, many Americans have enjoyed a wealth boost, thanks to a booming stock market and a rise in housing values. But one group far outperformed other demographics during the past five years: workers under 40.
The wealth of Americans between the ages of 18 to 39 has jumped by 80% since 2019, compared with a 10% increase for those between 40 to 54 and 30% for people over 55, according to a new analysis from the Federal Bank of New York.
Younger workers likely saw their assets grow so sharply because they invest more heavily in equities and mutual funds than older Americans, who typically shift their investments away from stocks and into less volatile assets as they get closer to retirement, the analysis shows.
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