Skip to main content
(678) 915-2634 Contact Us
Study shows increasing disparity in wealth between young and old Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Study shows increasing disparity in wealth between young and old

young couple in the sitting room

Whether you are a young adult trying to pay off student loans or buy your first home or an older person wondering how you are going to afford retirement, you have likely been affected in some way by the stagnant economy. However, a new study from the Pew Research Center indicates that the current disparity in wealth between young and older people is much larger than in previous decades, leaving young people at greater risk for bankruptcy, foreclosure, or other difficult consequences.

According to the study, the age-based wealth gap jumped to 47:1 in 2009 from 10:1 in 1984. Specifically, the median net worth of households headed by people over the age of 65 was approximately $170,500 in 1984. This marked a 42 percent increase from the median net worth of that age group in 1984, which was just under $120,500. In comparison, the net worth of households headed by adults under the age of 35 actually decreased by almost 70 percent during that same period, going from $11,500 in 1984 to $3,660 in 2009.

Certainly, the economy had something to do with this startling disparity. But researchers believe that there are other factors at play, such as shifts in the housing market and workforce and delays in marriage and retirement. “These age-based gaps widened significantly during the sour economy of recent years, but all key trends are several decades old,” researchers stated, “indicating that they are also linked to long-term demographic, social and economic changes that have affected different age groups in different ways.”

What do you think? Has the age-based wealth gap affected you or anyone you know?

Source: ABC News, “Age Gap Rises in Economic Well-Being,” Susanna Kim, Nov. 7, 2011

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634

Email:

First Free
Appointment




    DisclaimerPrivacy Policy

    I have read the Disclaimer and Privacy Policy

    Our Client Reviews

    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

    Write a review