Submitted by ub on Mon, 11/07/2011 - 15:28

There is a record breaking difference between the young and the old in terms of financial status.

US households headed by someone under age 35 had their median net worth decreased by 27% in 2009 as a result of liabilities, mostly a combination of credit card debt and student loans. No other age group had anywhere near that level of unsecured liability acting as a drag on net worth; the next closest was the 35-44 age group, at 10 percent.

Meanwhile, wealth inequality is increasing within all age groups. Among the younger-age households, those living in debt have grown the fastest while the share of households with net worth of at least $250,000 edged up slightly to 2 percent. Among the older-age households, the share of households worth at least $250,000 rose to 20 percent from 8 percent in 1984; those living in debt were largely unchanged at 8 percent.