One Age Group Nearly Tripled Its Net Worth in 6 Years — See How Others Compare
One of the easiest ways to evaluate how you’re doing financially is to calculate your net worth and compare it to the average net worth by age. This way, you can see how you stack up against your peers and plan better for the future.
The Federal Reserve's Survey of Consumer Finances showed net worth rising for all six age groups from 2016 to 2022 — the most recent data available. See how the numbers changed for each group and who saw the biggest gains below.
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Average Net Worth by Age
Unsurprisingly, average net worth increases as you grow old and accumulate more assets and investments. But you can expect a dip in retirement as you withdraw from your accounts.
Age Group | 2016 | 2022 | Change |
Under 35 | $13,570 | $39,040 | +188% |
35-44 | $73,630 | $135,300 | +84% |
45-54 | $152,990 | $246,700 | +61% |
55-64 | $231,010 | $364,270 | +58% |
65-74 | $276,280 | $410,000 | +48% |
75 or older | $326,530 | $334,700 | +3% |
Source: Federal Reserve Board Survey of Consumer Finances (Median data set used).
Who Gained the Most?
The net worth of households under 35 nearly tripled with a 188% increase. The Fed’s survey report said rising home values and gains in the stock market are the major contributors to the growing net worth across American households.
The biggest dollar gain was a different group. Households ages 65 to 74 added about $133,720 on average, the most of any bracket, as retirement portfolios and home equity compounded on an already large asset accumulation. Those aged 55 to 64 weren't far behind, with a gain of $133,260.
The Bottom Line
Every age group built real wealth over the six year time perios. Average net worth is a good benchmark, but it's not always the best way to measure where you stand. This is because average includes both very high and very low net worths, so it can be way higher than what most people your age actually have.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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