Boomers Have Less Equity, More Debt Than Past Generations

A report from the Stanford Center on Longevity found baby boomers have higher debt, smaller savings accounts, and less home equity compared to previous generations, according to ReverseMortgageDaily . Boomers have less home equity accrual, financial wealth, and total wealth overall, while mid-boomers own the lowest amount of net worth and home equity. "Earlier cohorts enjoyed a long and steady growth in home equity, helping them to withstand the burst of the housing bubble in the late 2000s," the report states. "Boomers in their mid to late 50s were hit relatively hard by the housing market crash, with greater loss in equity." Furthermore, boomers have smaller nest eggs, with 33 percent having contributed nothing to retirement accounts in 2014. For boomers who had contributed, the median was only about $200,000. "About two-thirds of baby boomers had debt in 2014," the report reads. "Among households with non-zero debt, mid-boomers' average debt reached $120,000, much higher than that of prior generations. Holding age fixed, boomers age 55 to 60 had a higher debt burden."