If you’re younger than 45, getting your desired income is more difficult than it was just a decade ago.
According to the Federal Reserve Board’s latest survey of consumer finances, median household income for Americans ages 35-44 fell 14 percent between 2001 and 2010 -- to $53,900 from $63,000.
For those in the workforce who are younger than 35, their median income also dropped 14 percent during that decade, going from $40,900 to $35,100.
The most depressing statistic: Working Americans with college degrees saw their median income fall from $83,100 to $73,800 -- an 11 percent decline.
More recently, between 2007 and 2010, the decline in median income hit more highly educated families, families with heads-of-household younger than 55, and families living in the South and West regions of the country, the survey points out.
Overall, median income declined across demographic groups. Only a few groups, such as retirees, experienced rising or stable incomes.
The Federal Reserve Board cites families’ decision-making and the state of the broader economy for affecting finances.
The trickle-down factor of our hemorrhaging economy seems more pronounced, as the young 'uns in the workforce younger than 35 have to pull more than their fair share of weight and work even harder for a few extra bucks.
As a (very) recent college graduate, I find these numbers to be disturbing -- no, downright scary. If that income level keeps falling, will I be able to live off an income characteristic of those in the middle 50 percent of all earners in my age range? Do I need to beef up a side hustle and make it one of my primary sources of income?
Maybe working from home and holding down a full-time job don’t seem too tough to handle after all, especially after being slapped in the face with these numbers.
Crissinda Ponder is a reporting intern for Bankrate. Follow her on Twitter @CrissiPonder.