Balance Sheets of Early Boomers: Are They Different From Pre-Boomers?
Michael S. Finke
Texas Tech University; University of Missouri at Columbia - Department of Finance
Sandra J. Huston
Texas Tech University
Deanna L. Sharpe
University of Missouri at Columbia
August 12, 2006
Journal of Family and Economic Issues, Vol. 27, No. 3, pp. 542-561, 2006
Nationally representative data are used to compare the magnitude, composition, and distribution of accumulated wealth of early boomers (born between 1946 and 1957) and pre-boomers (born between 1934 and 1945) at the same life cycle stage (ages 45-54, occurring in 1989 for pre-boomers and in 2001 for early boomers). Early boomers have accumulated greater mean wealth than pre-boomers at the same age, however median wealth did not change and net worth among lower-middle wealth groups declined. Multivariate analysis identified demographic change among those in the wealth distribution tails that indicates the increasing importance of education and race as predictors of wealth.
Keywords: Cohort wealth, Baby boomers, Net worth
JEL Classification: D12, D31Accepted Paper Series
Date posted: November 1, 2008 ; Last revised: June 25, 2010
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