The central bank’s 2025 Survey of Consumer Finances found that median net worth for families whose reference person was at least 75 rose 37% between 2022 and 2025, reaching $504,900. For families headed by someone younger than 35, median net worth fell 23% to $33,000.

The figures measure family wealth, not the personal assets of every individual in an age group. Net worth is the value of assets minus outstanding liabilities, and the survey adjusts dollar amounts for inflation to 2025 values.

The results show how differently household finances developed across generations during the three years covered by the survey, even as the overall median wealth of American families increased only modestly.

Older families gained as younger families lost wealth

The median net worth of families headed by someone aged 75 or older rose from $367,300 in 2022 to $504,900 in 2025. Their median wealth was higher than that of every other age group in the latest survey.

By comparison, families headed by people younger than 35 saw median net worth fall from $42,700 to $33,000. Their mean net worth also declined, dropping 33% to $135,400.

The Federal Reserve said the decline among younger families was primarily driven by the unwinding of business-equity gains recorded between the 2019 and 2022 surveys. The decline therefore cannot be attributed solely to housing costs, debt or any single economic factor.

Other age groups had mixed results. Median net worth rose 5% among families headed by people aged 35 to 44 and 3% among those aged 55 to 64. It fell 6% for families aged 45 to 54 and 4% for those aged 65 to 74.

The changes underline that age alone does not determine a family’s financial position. Homeownership, investments, business assets, retirement savings and liabilities all affect net worth.

Overall wealth rose only modestly

Across all American families, inflation-adjusted median net worth increased 2% to $215,900 between the two surveys. Mean net worth rose faster, increasing 7% to approximately $1.24 million.

The gap between median and mean wealth illustrates why averages can provide a different picture of household finances. The mean includes the full value of wealth across the distribution and is more affected by households with very large holdings. The median identifies the midpoint, with half of families above it and half below it.

The Federal Reserve found that families in the highest 10% of the usual income distribution experienced a 31% increase in median net worth, reaching approximately $3.67 million.

Families in the lowest income fifth saw median net worth decline 6%. The results indicate that wealth gains were not evenly distributed, even though the overall median increased.

Income improved, but debt pressure increased

The survey also found that real median family income rose 7% between the 2022 and 2025 surveys, reaching $82,200. Real mean family income moved in the opposite direction, falling 6% to $145,200.

The divergence reflects different changes across the income distribution. Median income measures the midpoint family, while mean income is more sensitive to unusually high incomes and changes among wealthier households.

At the same time, more families faced heavy debt-payment obligations. The share of families whose debt payments exceeded 40% of their income rose from 6.5% in 2022 to 8.6% in 2025, its highest level since the 2013 survey.

The proportion of families reporting that they had fallen behind on loan payments also increased sharply, from about 12% to 19.6%. More than 8% reported being at least two months late on payments, compared with about 5% in 2022.

These findings show why rising median income does not necessarily mean financial pressure has eased for every household. Families may earn more in inflation-adjusted terms while also facing larger payment obligations or difficulties meeting bills.

Asset ownership helps explain the wealth divide

The Federal Reserve’s data show that housing and financial assets remained important components of family wealth.

The homeownership rate was about 66% in 2025, little changed from 2022. Among homeowners, median net housing value rose from $218,900 to $230,000.

Stock-market participation, however, edged down from 58% of families in 2022 to 56% in 2025. Among families that owned stocks directly or indirectly, median stock holdings increased 36% to $77,400.

The central bank said older families generally saw some of the largest wealth gains, while younger families and other groups that typically hold less wealth experienced declines. Strong stock-market performance and rising home values contributed to the broader increase in assets, although these developments did not affect all families equally.

The survey does not establish that any single asset explains the entire age divide. Different levels of accumulated savings, business ownership, housing equity, retirement income and debt also shape household wealth.

What the findings say about financial security

The survey presents a mixed picture of American household finances from 2022 to 2025. Median wealth and income increased overall, but younger families experienced a decline in net worth, and a larger share of households faced high debt-payment burdens.

The findings also distinguish wealth from income. Income measures money received over a period, while net worth reflects accumulated assets after debts are deducted. A family can earn more without building wealth if its assets do not grow enough to offset liabilities and other financial pressures.

For younger households, the fall in median net worth points to a weaker balance sheet at a time when many are trying to establish savings, buy homes or build investments. For older families, the increase in median wealth reflects accumulated assets and financial resources, but it does not mean every older household is financially comfortable or has readily available cash.

The Federal Reserve’s survey is a snapshot of family finances, not a prediction of future wealth. Its results show that modest national gains can coexist with sharply different outcomes across age groups and rising financial strain among some borrowers.

Reporting Credit: Federal Reserve Board; 2025 Survey of Consumer Finances; Changes in U.S. Family Finances from 2022 to 2025.

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