Gen X lost an average of about $33,000 in recession

PHILADELPHIA, June 2 (UPI) — Generation X — those born 1966-1975 — lost nearly half of their overall net worth, an average of about $33,000, in the recession, U.S. researchers say.

The study by the Pew Charitable Trust analyzed data from the Federal Reserve Board and the University of Michigan of five age groups before recession — 1989-2010 and found Generation X, those ages 38-47 were still paying off student loans and had high credit card debt.

Erin Currier, who directs Pew’s economic mobility project, told ABC News Gen Xers were also hard hit because while many saw high financial gains as a result of the housing boom, their overall rate of home ownership was lower than previous generations.

The study also found “early” baby boomers, or those born 1946-1955 lost about 28 percent of their median net worth, while “late” baby boomers, or those born 1956-1965 lost 25 percent of their median net worth. The boomers are expected to replace 70 percent to 80 percent of their pre-retirement income, the study said.

Gen-Xers lost 45 percent of their wealth and they are forecast to only replace about half of their net if they retire at age 65.

Over the last two decades, Depression babies, those born between 1926-1935 and war babies, those born between 1936-1945 were shedding debt, while boomers and Gen-Xers accumulated debt.

As of 2010, war babies’ asset levels were 27 times higher than their debts. In contrast, late boomers’ assets were about four times higher than their debts and Gen-Xers’ assets were about double their debts, the study said.

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