Canada Markets closed
  • S&P/TSX

    20,633.27
    -128.76 (-0.62%)
     
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • DOW

    34,580.08
    -59.71 (-0.17%)
     
  • CAD/USD

    0.7786
    -0.0022 (-0.2826%)
     
  • CRUDE OIL

    66.22
    -0.28 (-0.42%)
     
  • BTC-CAD

    63,406.81
    +3,286.66 (+5.47%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • GOLD FUTURES

    1,782.10
    +21.40 (+1.22%)
     
  • RUSSELL 2000

    2,159.31
    -47.02 (-2.13%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • NASDAQ

    15,085.47
    -295.85 (-1.92%)
     
  • VOLATILITY

    30.67
    +2.72 (+9.73%)
     
  • FTSE

    7,122.32
    -6.89 (-0.10%)
     
  • NIKKEI 225

    28,029.57
    +276.20 (+1.00%)
     
  • CAD/EUR

    0.6878
    -0.0027 (-0.39%)
     

Gen X Saw Wealth Increase 50% During COVID — What’s Changed for Those Between Millennial and Boomer?

·2 min read
SolStock / iStock.com
SolStock / iStock.com

Many Americans suffered great economic and financial turmoil during the pandemic — and some continue to suffer. But one generation had the opposite experience. Generation X, the group between baby boomers and millennials, has experienced a wealth boom in the U.S. since COVID-19 was declared a national emergency, Bloomberg reported.

COVID-19 Pandemic: One Year Later, Women are Twice As Burnt-Out in the Workplace
Explore: The Best Cash Back Credit Card Right Now

Gen X — people who are between the ages of 41 to 56 — suffered the most during the 2008 crisis, but the trend has dramatically shifted this time around, as their wealth has gone up 50% during the pandemic, according to Bloomberg. In addition, as of June 2021, they’ve held 28.6% of the nation’s wealth, up 3.9% from the first quarter of 2020, according to Fed data. In dollar value, that translates into a 50% gain in their aggregate net worth — the difference between a household’s assets and debts, according to Bloomberg.

Gen Xers also saw robust gains in equities and pension entitlements, while their share of the nation’s consumer debt declined, the data showed.

More: 10 Supply Shortages That May Happen Again This Year

“Another way to grasp the Gen X wealth boom: The cohort of about 34.6 million households added $13 trillion in assets over 15 months. That’s more than the $12.8 trillion added by Boomers, a group that includes 7.7 million more households,” Bloomberg reports.

In addition, that generation also benefited more than the older Boomers from a rise in pension assets, as the youngest Boomers are 57 and many have retired — meaning they are drawing down on their pensions.

Examine: Pandemic Job Losses Hitting Gen Z the Hardest
Find: Gen X Share Their Biggest Money Regrets for Gen Z To Learn From

Finally, another data point underlying the trend is that in five quarters, equity assets owned by Gen X households more than doubled to $10.5 trillion, according to Fed data. That amount is now more than 10 times the stock holdings of millennials — yet only about half Boomers’ equity holdings, Bloomberg says.

More From GOBankingRates

Last updated: October 7, 2021

This article originally appeared on GOBankingRates.com: Gen X Saw Wealth Increase 50% During COVID — What’s Changed for Those Between Millennial and Boomer?

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting