Data Sources
This analysis is based on the most comprehensive household wealth survey in the United States:
Federal Reserve Survey of Consumer Finances (SCF)
The Survey of Consumer Finances is a triennial survey conducted by the Federal Reserve Board in cooperation with the U.S. Department of the Treasury. It collects detailed information about family balance sheets, income, and demographic characteristics.
- Source: Federal Reserve Survey of Consumer Finances
- Survey years used: 1989, 1992, 1995, 1998, 2001, 2004, 2007, 2010, 2013, 2016, 2019, 2022
- Sample size: Approximately 6,000-6,500 families per survey
- Coverage: U.S. households
Net Worth Definition
Net worth in the SCF is calculated as total assets minus total liabilities. This comprehensive measure includes:
Assets
- Primary residence
- Other real estate
- Vehicles
- Retirement accounts (401k, IRA)
- Financial assets (stocks, bonds, savings)
- Business equity
- Other assets
Liabilities
- Mortgage debt
- Student loans
- Vehicle loans
- Credit card debt
- Other consumer debt
- Business debt
Generation Definitions
We use the Pew Research Center's generation definitions, which are widely cited in academic research and media:
| Generation | Birth Years | Age in 2024 | Key Economic Events |
|---|---|---|---|
| Silent Generation | 1928-1945 | 79-96 | Post-WWII boom, pension era |
| Baby Boomers | 1946-1964 | 60-78 | Post-war prosperity, affordable housing |
| Generation X | 1965-1980 | 44-59 | Dot-com bust, 2008 crisis mid-career |
| Millennials | 1981-1996 | 28-43 | Great Recession, student debt surge |
| Generation Z | 1997-2012 | 12-27 | COVID-19, remote work, high inflation |
Note: Generation boundaries are somewhat arbitrary and different sources use slightly different cutoff years. The Pew definitions are among the most commonly used but are not universally agreed upon.
Age Groups
The SCF categorizes household heads into the following age groups:
| Age Group | Age Range | Midpoint |
|---|---|---|
| Under 35 | 18 - 34 | 27 |
| 35-44 | 35 - 44 | 40 |
| 45-54 | 45 - 54 | 50 |
| 55-64 | 55 - 64 | 60 |
| 65-74 | 65 - 74 | 70 |
| 75+ | 75 - 75+ | 80 |
Using 10-year age brackets means we compare generations at similar life stages rather than exact ages. This is appropriate given the survey's design, though it does introduce some imprecision.
Inflation Adjustment
All figures are presented in 2022 dollars to enable meaningful comparisons across time. The Federal Reserve provides inflation-adjusted data using the Consumer Price Index for All Urban Consumers (CPI-U).
Adjustment Formula
Value (2022$) = Value (Survey Year$) × (CPI-U 2022 / CPI-U Survey Year)
Example: $100,000 in 1989
Adjustment = $100,000 × (292.7 / 124.0) = $236,050 in 2022 dollars
We use the Federal Reserve's pre-adjusted "real historical" data tables, which apply this adjustment consistently across all survey years.
Generational Mapping
To compare generations at the same life stage, we map each generation to the survey year when they were in a specific age bracket:
Example: Age 35-44 Comparison
- Baby Boomers: Born 1946-1964. Midpoint birth year (1955) reached age 40 in 1995. We use the 1995 SCF for this comparison.
- Generation X: Born 1965-1980. Midpoint birth year (1973) reached age 40 in 2013. We use the 2013 SCF - notably this was during the post-2008 recovery period.
- Millennials: Born 1981-1996. Only early millennials (born 1981-1987) have reached ages 35-44 by 2022. We use 2022 SCF, but full generation data requires future surveys.
Important: Survey Timing Context
Survey timing significantly affects generational comparisons. Gen X at 35-44 was measured in 2013 - during the slow post-2008 recovery when the 35-44 median had fallen to $60K from a 2007 peak of $127K. By contrast, Boomers at 35-44 were measured in 1995 during steady economic expansion.
This doesn't mean one generation is "better" with money - it reflects when each generation happened to hit this life stage relative to major economic events.
We use the midpoint birth year for each generation to select the most representative survey. This means early Boomers and late Boomers may have different experiences than the "typical" Boomer shown in our data.
Limitations
This analysis has several important limitations to consider:
- Survey timing: The SCF is conducted every 3 years, so wealth measured during boom years (2007) looks very different from recession years (2010). Generational comparisons are sensitive to which survey years are used.
- Age bracket width: Ten-year age brackets group people at quite different life stages. A 35-year-old early in their career differs from a 44-year-old at peak earnings.
- Household composition: Family structures have changed over time. More single-person households and delayed marriage/children affect household-level wealth comparisons.
- Sample size: While robust nationally, subgroup analysis (e.g., specific generation + age group) has wider confidence intervals.
- Self-reported data: Respondents may underreport wealth or misvalue assets. The SCF uses multiple techniques to address this, but some bias may remain.
- Generation boundaries: Cutoff years are arbitrary. People born near boundaries may identify more with a different generation than assigned.
Update Schedule
The Federal Reserve releases new Survey of Consumer Finances data approximately every three years. The most recent data is from 2022, released in October 2023.
- Current data: 2022 SCF (released October 2023)
- Next expected release: 2025 SCF (expected late 2026)
We will update this analysis when new SCF data becomes available.