AICPA study: Americans 25-34 face uncertain future.A new study commissioned by the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). shows that the target group for the Feed the Pig campaign--Americans aged 25-34--faces an uncertain financial future unless they change their ways. Dr. Christopher Dr. John R. Christopher, known popularly as "Dr. Christopher" was one of very few nationally prominent doctors of herbal medicine of the middle third of the 20th century, a "dark ages" of herbalism and was responsible for the herbal renaissance of the 1960s. Thornberg and Dr. Jon Haveman, economists with Beacon Economics in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , found that this group is simply not saving enough to fund their retirement needs. Complicating matters even more, their median net worth, which was $6,788 in 1985, plummeted to $3,746 by 2004, and this is despite higher incomes. The study also reveals: * The number of 25-34 year-olds maintaining an interest-bearing savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: declined from 61% in 1985 to 47% in 2004. * Their ownership of other savings instruments, such as stocks and bonds, IRAs and 401(k) accounts, fell from 65% to 55% between 1985 and 2004. * There is an increased willingness among Americans in this age group to acquire unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. : The average level of debt in 1985 was $3,118, whereas in 2004 it climbed to $4,733. |
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