As a study from the American Institute of CPAs put it, Americans between the ages of 25 and 34 “are caught between a Baby Boomer rock and a fiscal hard place.”The institute recently commissioned the study to examine the spending and saving habits of the so-called Generation Y. According to the U.S. Census Bureau, there are approximately 40 million Americans in the demographic.
This study found that over the last 20 years, young Americans appear to have done less to save and accumulate wealth -- as the proportion of the population possessing a savings account or other financial assets has declined significantly, so has median net worth.
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