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Wealth has vanished for most families
Rick Newman
finance.yahoo.com
If you’re a typical family, you’re considerably poorer than you used to be. No wonder the “recovery” feels like a recession.
A new study published by the Russell Sage foundation helps explain why many families feel like they’re falling behind: They actually are. The study, which measures the average wealth of U.S. households by income level, reveals a startling decline in wealth nationwide. The median household in 2013 had a net worth of just $56,335 -- 43% lower than the median wealth level right before the recession began in 2007, and 36% lower than a decade ago. “There are very few signs of significant recovery from the losses in wealth suffered by American families during the Great Recession,” the study concludes.
Not surprisingly, lower-income households have lost a larger portion of their wealth than those with higher incomes, as the following chart from the study shows:
Source: Russell Sage Foundation
to read more: finance.yahoo.com
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