FILE- In this Feb. 5, 2018, file photo, the seal of the Board of Governors of the United States Federal Reserve System is displayed in the ground at the Marriner S. Eccles Federal Reserve Board Building in Washington. – Since retiring two years ago, Joan Harris has upped her travel game.
and housing markets over the past several years, they are accounting for a larger share of consumer spending — the principal driver of economic growth — than ever before. When the Fed meets this week, it is sure to keep its benchmark rate unchanged at a 23-year high, the result of 11 rate hikes. The Fed's hikes have forced up borrowing costs across the economy — for everything from home and auto loans to credit cards and business loans.
“People have had significant wealth gains in stocks, significant wealth gains in fixed income, significant wealth gains in home prices, significant wealth gains even in crypto,” said Torsten Slok, chief economist at the Apollo Group, an asset manager. “All that adds up to still a very significant tailwind.”
That said, many older Americans face significant financial challenges. One-quarter of Americans over age 50 have no retirement savings, according toEven so, as the huge baby boom generation has aged and, on average, has accumulated more assets, they have accounted for a rising share of consumer spending. Americans ages 65 or over supplied nearly 22% of consumer spending in 2022, the most recent year for which data is available.
Ruby considers herself fortunate to have a well-paying job as a materials engineer. But that apartment price still seemed astronomical. She loves the area, especially for its walkability, but doubts she'll ever be able to afford a house there.
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