Fed survey: Median net worth fell 40% during recession
A new report out from the Federal Reserve this week confirmed something most of us already know: The last few years have taken a hatchet to our finances. Americans have lost 40 percent of their net worth.
And most of that happened to middle-class families. Know where that puts us? Back to the year Whitney Houston's "I Will Always Love You" spent 14 weeks at the top of the charts. 1992. In other words, 18 years worth of wealth gains lost between 2007-2010.
The Fed's survey broke down the data by factors such as education level, regions and employment type. One of the puzzling findings was that the net worth of people with college degrees fell by a greater percentage than people who didn't have a college degree.
Listen to the audio above to hear reporter Sarah Gardner discuss the details of the Fed's report.