The Generation Gap

"It's taking much longer for gen X-ers to achieve financial security, to get out of the roughand-tumble 20s into real financial stability on the path to savings," says Tamara Draut, director of the Economic Opportunity Program at Demos, a nonpartisan research group. "For a lot of young people, that's just not going to happen at all. They will still be living paycheck to paycheck well into their 40s, even at the upper end of the income spectrum."
 
Baby boomers are not the ones going bankrupt. In fact, Americans between the ages of 25 and 34 now have the second-highest rate of bankruptcy. In first place are those ages 35 to 44.