The recession was difficult for everyone, but it is clear it hurt some more than others. For households headed by young adults — anyone 40 or under — wealth adjusted for inflation remains 30% below the 2007 average.
This is not a good sign for the economy. Household consumer spending is very important and accounts for almost 70% of the economy.
Homeownership rates for 35-44 year olds have been dropping as well, further indicating a slowdown in spending for young adults.
If debt is keeping you from building wealth, contact a debt settlement attorney who can likely help you get rid of high-interest debt.
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