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Baby Boomers and Their Parents: How Does Their Economic Well-Being Compare in Middle Age?

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  • John Sabelhaus
  • Joyce Manchester

Abstract

We use survey data to compare the income and consumption of baby boomers in 1989 with that of their parents' generation in the early 1960s when they were the same ages. Various adjustments allow for changes in household composition and living arrangements. We also assess how wealth accumulation by baby boomers compares to that of their parents' generation. We find that boomers on average have accumulated more wealth relative to income at this point in their lives than their parents' generation had at the same stage of life 30 years ago. However, measured consumption has not increased as much as measured income for young adults.

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  • John Sabelhaus & Joyce Manchester, 1995. "Baby Boomers and Their Parents: How Does Their Economic Well-Being Compare in Middle Age?," Journal of Human Resources, University of Wisconsin Press, vol. 30(4), pages 791-806.
    • Handle: RePEc:uwp:jhriss:v:30:y:1995:i:4:p:791-806
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    Cited by:

    1. Robert L. Clark & Joseph F. Quinn, 1999. "Reform of Retirement Programs and the Future Well-Being of the Elderly in America," Boston College Working Papers in Economics 423, Boston College Department of Economics.
    2. Christopher J. Kurz & Geng Li & Daniel J. Vine, 2018. "Are Millennials Different?," Finance and Economics Discussion Series 2018-080, Board of Governors of the Federal Reserve System (U.S.).
    3. Alexis Yamokoski & Lisa Keister, 2006. "The Wealth Of Single Women: Marital Status And Parenthood In The Asset Accumulation Of Young Baby Boomers In The United States," Feminist Economics, Taylor & Francis Journals, vol. 12(1-2), pages 167-194.
    4. Jonathan Skinner, 2007. "Are You Sure You're Saving Enough for Retirement?," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 59-80, Summer.
    5. Andrew Au & Olivia S. Mitchell & John W.R. Phillips, 2005. "Saving Shortfalls and Delayed Retirement," Working Papers wp094, University of Michigan, Michigan Retirement Research Center.
    6. McIntyre, Charles, 2009. "Diminishing varieties of active and creative retail experience: The end of the music shop?," Journal of Retailing and Consumer Services, Elsevier, vol. 16(6), pages 466-476.
    7. Sabelhaus, John & Schneider, Ulrike, 1997. "Measuring The Distribution Of Well-Being: Why Income and Consumption Give Different Answers," Hannover Economic Papers (HEP) dp-201, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    8. Audrey Light & Manuelita Ureta, 2003. "Living Arrangements, Employment Status, and the Economic Well-Being of Mothers: Evidence from Brazil, Chile and the United States," Working Papers 03-06, Ohio State University, Department of Economics.
    9. Jonathan Skinner, 2007. "Are You Sure You're Saving Enough for Retirement?," NBER Working Papers 12981, National Bureau of Economic Research, Inc.

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