May 2011: Net worth

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May 2011: Net worth

By Bankrate.com

May 2011 Financial Security Index » Net Worth

Q:

Please think about your net worth, or your total assets including real estate equity minus your debts. How would you describe your net worth compared to 12 months ago?

Men were more likely than women to feel their net worth is higher, 26 percent versus 18 percent.
Respondents aged 65 and older were least likely to feel their net worth is higher, at just 13 percent.
The groups most likely to report higher net worth were college graduates, at 37 percent, and those earning more than $75,000, at 38 percent.

Daniel Penrod

"The idea that 2005 was normal has gone away, and people have realized that what we experienced during the bubble isn't likely to come back any time soon."

It was interesting to note that age was a key factor in people feeling more or less wealthy. In terms of feeling a lower (net worth) today, the lower dollar and the lower buying power is impacting those on fixed incomes and some are viewing it as an indirect tax on them, or indirect inflation because typically they are not getting a cost-of-living adjustment or they are not able to work overtime to increase their income. Their income is fixed and they are being hurt indirectly by the current market in terms of purchasing power.

- Daniel Penrod, senior industry analyst, California Credit Union League

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Posted: May 23, 2011

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