This article outlines the wealth and income position of Aussies in various age stages in 2004, according to govt statistics.
Wealth peaks just in time to pay for the blue pills
As expected, older people are generally better off than the younger ones.
Interesting that of the lowest 20%, only 13% are aged pensioners and 90% of them are renters.
Lesson: you are more likely to be young and poor than old and poor.
This might help those landlord s'softers who are looking at matching houses and rental target groups.
Wealth peaks just in time to pay for the blue pills
As expected, older people are generally better off than the younger ones.
Ross Gittins is the Herald's Economics Editor.... Consider this. These are the average amounts of net worth for households as they progress through the life cycle. Single person under 35, $94,000; young couple with no kids, $226,000; couple whose eldest child is under 5, $366,000; couple whose eldest is 5 to 14 years, $469,000; couple whose eldest is 15 to 24 years, $685,000; couple with children at home who're no longer dependent, $729,000; pre-retirement couple with all the kids gone, $895,000.
But then we hit retirement and wealth starts being eaten into: aged couple, $714,000; single aged person, $437,000.
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Of the lowest 20 per cent, with average net worth of just $24,000, 90 per cent are renters and almost half are under 35. Although about half get most of their income from welfare benefits, only 13 per cent are of age pension age, leaving most of the others as sole-parent pensioners or on the dole.
Of the middle 20 per cent, with average net worth of $296,000, more than 90 per cent owned their home. Almost 60 per cent were couples with or without dependent kids. And the 30 per cent reliant on welfare benefits were mostly old people who owned their homes outright.
Of the top 20 per cent, with average net worth of $1.4 million, virtually all of them owned their homes (two-thirds of them, outright). About 70 per cent are couples and two-thirds have salaries as their main source of income, but getting on for a quarter seem to be alleged "self-funded retirees".
So who are the well-lined in Australia? For the most part, the ones in Viagra territory.
Interesting that of the lowest 20%, only 13% are aged pensioners and 90% of them are renters.
Lesson: you are more likely to be young and poor than old and poor.
This might help those landlord s'softers who are looking at matching houses and rental target groups.
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