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I mean 21 to 64 of all employed adults. I doubt there are so many 21 year olds that they are tipping the scales to under a grand on their own. Theoretically the mean should be especially relevant to the middle of the spectrum. I can say im later than that and drawing down savings over the last year as I have been out of work. I keep saying I know there are gonna be these articles about how gen X did not save enough for retirement and its going to be like sigh. I tried as much as I could when I could.
Well I think employed 21-year olds are a lot less likely to have any savings at all (mostly student loans) and also more likely to be working in a job with no retirement plan (working at Subway or Starbucks). Combining their situation to a 64-year old in an office job or a skilled trade is still pretty misleading.
Yes, it’s a huge problem that young people have all this student debt and lack of savings and high living expenses. But we’re not going to be able to analyze that by lumping all their numbers together with older people. If we want to make comparisons we need separate numbers.
yeah I mean even if you take 0 for them that would bring down an equivalent number of folks with 2k and we know the opposite situation occurs with c suite folks and such having real high numbers. Even then if it is 20somethings it still highlights an issue we have now that was not the case 50 years ago. 20somethings can't save at all. 30somethings if they are lucky can start to save but kinda want a house someday so wants to save some in a regular way (which is also smart. its very important to have a short term savings no matter the tax advantage of retirement savings). It they are lucky maybe they can swing the mortgage in their 40's but that puts a damper on retirement savings as well given mortage payments. So like 50's you can finally really start socking it away for your impending retirement. again if you are lucky.