Older Americans' wealth is propping up US consumer spending
Spending has held up despite housing, debt and cost pressures, with research pointing to generational wealth as a key reason. Older households hold larger investment balances and are drawing on them more, according to central bank and bank data.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Consumer spending has stayed resilient despite pressure from housing, debt and everyday costs. Research suggests generational wealth may help explain that strength, and Boomers report more financial confidence. Federal Reserve and JPMorgan data show older households hold more and draw more from investments.
Why it matters
Consumer spending is being watched closely ahead of key inflation and retail sales data due later this week.
Timeline
- Oct 12, 7:09 AM ET: Consumer spending was described as holding up, with generational wealth suggested as a possible factor ahead of inflation and retail sales data.
- Oct 12, 1:23 PM ET: Boomers were reported to show more financial confidence, and Federal Reserve and JPMorgan data showed older households drawing more from investments.
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