MMI Study: Young Boomers Earn the Most
February 19, 2010 by Warren Hersch
Young baby boomers have the highest average income, according to a new study.
MetLife Mature Market Institute, Westport, Conn., unveiled this finding in tandem with the release of a series of publications that produces demographic profiles of different age segments of American adults. The series provides a history of the generations— Gen Y, Gen X, the Younger Boomers, Middle Boomers, Older Boomers and Americans 65-plus—born since the early 1900s.
The MetLife MMI study concludes that boomers between the ages of 45 to 50 have the highest average income.
Among the study’s other findings:
—There are almost as many members of Gen Y (born 1977-1994) in the U.S. are there are in the largest group, the Baby Boomers.
—All groups spend most of their money on housing and transportation.
—The youngest, Gen Y, say they are the healthiest. They are also projected to live the longest.
—The fastest growing sub-group is the over-85 group, who number 6 million, including 99,000 centenarians. They have also seen the most change as some were born before cars, central heat and refrigerators were ubiquitous.
“While the younger groups have had advantages, like access to pre-school education, technology and advanced medical care, there are disadvantages as well,” said Sandra Timmermann, director of the MMI, in a statement. “The economy has not been kind to those coming of age in the 21st century. They will struggle as they enter the job market during one of the most challenging times since the 1930s.”
The profiles, which pull together federal data from sources such as the U.S. Census Bureau and the U.S. Department of Labor, can be downloaded from www.maturemarketinstitute.com; on the home page, see “New from the MMI.”