Wealth Among Seniors Grew During The Pandemic – Demographics

A recently released study by the Federal Reserve Bank of St. Louis found that the median increase in net worth for those age 65 or older grew by $91,000 from 2019 to 2022. The time period which was predominantly during the pandemic, saw home values and financial assets increase in value the most among seniors. More than half of the wealth increase came from home values, while 48% came from retirement accounts and other financial assets.

Younger age groups also saw an increase in wealth during the same period, but nearly not as much as seniors who have already accumulated real estate and financial assets during their earlier years. Those age 18 to 39 saw a median increase in wealth of $31,600 from 2019 to 2022, both from real estate and financial assets. The intermediate age group of 40-64, also experienced an increase in wealth, which encompasses growing families in the prime of their wealth accumulation years driven by income and asset gathering.

Sources: Federal Reserve Bank of St. Louis

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