No. of Recommendations: 7
Here are the actual statistics.

Data from 2001

The median net financial assets, including retirement accounts, and subtracting debt, 1998, was:

Less than 35 years $0
35-44 $10,000
45-54 $20,500
55-64 $32,771
65 and older $34,550

Almost one-third (31%) of American households have no or negative financial assets, including over 60% of Black Americans, 54% of Hispanics, and 62% of single parent households.

Nearly one in three American households possess zero or negative net financial assets.

Half of all Americans have less than $1,000 in investable assets.

The average American family holds only $3,700 in net financial assets.

[end quotes]

I doubt that the situation has improved, since 1998, since the national savings rate was positive, in 1998, but went negative, in 2005, and has remained negative, throughout 2006.

Charlie, you are right to be worried...perhaps more right than you even realized.

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