Balance Sheets of Early Boomers: Are They Different From Pre-Boomers?
Journal of Family and Economic Issues, Vol. 27, No. 3, pp. 542-561, 2006
Posted: 1 Nov 2008 Last revised: 25 Jun 2010
Date Written: August 12, 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, D31
Suggested Citation: Suggested Citation