Young adults save more but worse off than predecessors
OLDER Australians are capturing a growing share of Australia's wealth, while the wealth of younger Australians has stagnated, according to the Grattan Institute's new Wealth of Generations report.
The report found most age groups were richer than they were in 2003, with 55- to 64-year-old households $173,000 richer in real terms in 2011-12 than in 2003-04.
The average 65- to 74-year-old household was $215,000 better off over the same period. However, the average 35- to 44-year-old household was only $80,000 richer.
Worst affected were 25- to 34-year-olds who had less wealth than people of the same age eight years before - even though they saved more.