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regrettable reason why the stock market’s wild fluctuations don’t hurt most Americans</b></div>
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<span style="font-kerning: none" class=""><b class="">One regrettable reason why the stock market’s wild fluctuations don’t hurt most Americans</b></span></p>
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<span style="font-kerning: none" class="">Published: Feb 11, 2019 12:00 p.m. ET</span></p>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 20px; line-height: normal; color: rgb(79, 88, 101);" class="">
<span style="font-kerning: none; color: #ffffff; background-color: #2d4487" class=""><b class=""> </b></span><span style="font-kerning: none" class=""><b class="">Wealth inequality has not have dented some people’s appetite for owning stocks</b></span></div>
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<span style="font-kerning: none" class=""><a href="https://www.marketwatch.com/topics/journalists/quentin-fottrell" class=""><img alt="quentinFottrellnewnew_100.jpg" apple-inline="yes" id="4FBC4F5E-25AE-48B2-929B-79A0B0569B62" src="cid:92F83142-1F75-4A84-9AE7-64D318A67B17@hsd1.il.comcast.net" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""></span></a></span></div>
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<span style="font-kerning: none" class="">By</span></div>
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<span style="font-kerning: none" class=""><a href="https://www.marketwatch.com/topics/journalists/quentin-fottrell" class=""><b class="">QUENTIN</b></a></span></p>
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<span style="font-kerning: none" class=""><a href="https://www.marketwatch.com/topics/journalists/quentin-fottrell" class=""><b class="">FOTTRELL</b></a></span></div>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 13px; line-height: normal; color: rgb(88, 92, 100);" class="">
<span style="font-kerning: none" class=""><b class="">WSJ PERSONAL FINANCE EDITOR</b></span></div>
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<span style="font-kerning: none" class=""> </span></p>
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<span style="font-kerning: none" class=""><i class=""><img alt="MW-HC824_Wealth_20190128134640_OR.jpg" apple-inline="yes" id="14A49721-8D61-4305-B74E-70F3AF306E50" src="cid:EE34CFE6-8E1F-4D53-961D-9EA8574F840F@hsd1.il.comcast.net" class=""></i></span></div>
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<span style="font-kerning: none; text-shadow: 1.0px 1.0px 1.0px #2c2f34" class="">Grady Reese/Getty Images</span></div>
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<span style="font-kerning: none" class="">‘Spending on luxury goods largely purchased by wealthy households is highly sensitive to stock prices,’ according to Goldman Sachs.</span></div>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Social inequality has led more wealthy Americans to own even more stocks than four decades ago.</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">“Equity holdings have more than tripled as a share of disposable income at the aggregate level and have also risen substantially for middle- and upper-middle wealth groups,” Daan Struyven, senior economist at Goldman
Sachs <a href="https://www.marketwatch.com/investing/stock/gs?mod=MW_story_quote" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(172, 48, 63);" class=""><b class="">GS, -0.18%</b></span></a>said in a
research note <a href="https://awealthofcommonsense.com/2019/01/who-owns-all-the-stocks-bonds/" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">recently highlighted
by Ben Carlson</b></span></a>, a portfolio adviser at Ritholtz Wealth Management. </span></p>
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<span style="font-kerning: none" class=""><i class="">‘The wealthiest 0.1% and 1% of households now own about 17% and 50% of total household equities, respectively, up significantly from 13% and 39% in the late 1980s.’</i></span></div>
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<span style="font-kerning: none" class="">—Daan Struyven, senior economist at Goldman Sachs</span></div>
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<span style="font-kerning: none" class="">Stock-price movements are more likely to be felt by luxury goods companies, Struyven suggested. “Equity-price moves do have a meaningful effect on the spending of wealthy households,” he added. “We find evidence that
spending on luxury goods largely purchased by wealthy households is highly sensitive to stock prices.”</span></p>
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<span style="font-kerning: none" class="">The richest people in the country have increased their share of stock ownership over the last 30 years, Struyven added. “The wealthiest 0.1% and 1% of households now own about 17% and 50% of total household equities,
respectively, up significantly from 13% and 39% in the late 1980s,” according to his estimate.</span></p>
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<span style="font-kerning: none" class="">So does this concentration of stock ownership among the rich limit the effects of stock-market fluctuations on consumer spending? Declines in equity prices may translate into smaller declines in consumer spending than
previous years, “because wealthy households now bear a larger share of the losses,” Struyven wrote. He expects only a “modest drag” on consumer spending.</span></p>
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<span style="font-kerning: none" class="">The State of the American Wallet</span></p>
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<span style="font-kerning: none" class=""><i class="">Data is updated as it becomes available.</i></span></p>
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<p style="margin: 0px 0px 15px; font-stretch: normal; font-size: 15px; line-height: normal; color: rgb(14, 14, 14);" class="">
<span style="font-kerning: none" class="">Data portraits of how the average American family is faring financially. <a href="https://www.marketwatch.com/graphics/2017/the-state-of-the-american-wallet/" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(65, 173, 60);" class="">See
full dashboard</span></a></span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; color: rgb(32, 91, 113);" class="">
<span style="font-kerning: none" class="">NET WORTH</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 56px; line-height: normal; color: rgb(26, 26, 26);" class="">
<span style="font-kerning: none" class="">$97,300</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">median net worth of an American family</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">16.25% from previous report</span></div>
<p style="margin: 0px 0px 15px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">The total value of all the money in a person's bank accounts and investments, plus property and other assets, minus any debts owed</span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">Median net worth of all families compared to that of top earners</span></div>
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<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Recession</span></div>
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<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Max and</span></div>
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<td valign="baseline" style="width: 113.4px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 12.0px 5.0px 0.0px" class="">
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<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">min since 1989</span></div>
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<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
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</div>
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<td colspan="2" valign="middle" style="width: 170.0px; max-width: 170.0px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 0.0px 0.0px 0.0px 5.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Median net worth of top 10% of income earners</span></div>
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<td valign="middle" style="width: 25.0px; margin: 0.5px 0.5px 0.5px 0.5px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
</td>
<td colspan="2" valign="middle" style="width: 170.0px; max-width: 170.0px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 0.0px 0.0px 0.0px 5.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Median net worth</span></div>
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<div style="margin: 0px; font-stretch: normal; font-size: 13.7px; line-height: normal; color: rgb(100, 100, 100); min-height: 17px;" class="">
<span style="font-kerning: none" class=""><i class=""></i></span><br class="">
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<div style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; color: rgb(32, 91, 113);" class="">
<span style="font-kerning: none" class="">SAVINGS</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 56px; line-height: normal; color: rgb(26, 26, 26);" class="">
<span style="font-kerning: none" class="">6.00%</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">of disposable income</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">1.64% from previous month</span></div>
<p style="margin: 0px 0px 15px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">The money set aside for future use, either for an emergency, retirement or another long-term goal</span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">Personal saving rate, seasonally adjusted annual rate, recorded monthly</span></div>
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<tbody class="">
<tr class="">
<td valign="baseline" style="width: 85.1px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 12.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgba(81, 81, 81, 0.0980392); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Recession</span></div>
</td>
<td valign="baseline" style="width: 70.5px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 5.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgb(65, 173, 60); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Max and</span></div>
</td>
<td valign="baseline" style="width: 138.8px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 12.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgb(249, 57, 46); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">min since Jan 2007</span></div>
</td>
</tr>
</tbody>
</table>
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; color: rgb(83, 83, 83);" class="">
<span style="font-kerning: none" class="">Sources: Census Bureau, Commerce Department via FRED (2),
<a href="https://www.newyorkfed.org/microeconomics/hhdc.html" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(65, 173, 60);" class="">New York Fed Consumer Credit Panel/Equifax</span></a>, S&P via FRED,
Energy Information Administration via FRED, College Board</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 10px; line-height: normal; font-family: Arial; color: rgb(255, 255, 255); min-height: 11px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 10px; line-height: normal; font-family: Arial; color: rgb(193, 193, 193); min-height: 11px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; text-align: center; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">This gap between the rich and everyone else can be seen in overall stock ownership. Just over half of Americans own stocks, <a href="http://news.gallup.com/poll/211052/stock-ownership-down-among-older-higher-income.aspx" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">this
Gallup report concluded</b></span></a>. That includes 401(k) plans, shares in an equity mutual fund and/or an IRA account. Two-thirds of Americans do not even participate in or have access to a 401(k) plan, <a href="https://www.marketwatch.com/story/the-amount-of-americans-not-saving-for-retirement-is-even-worse-than-you-thought-2017-02-21" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">according
to the U.S. Census Bureau</b></span></a>.</span></div>
<div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 15px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class=""><i class=""><img alt="MW-HC806_gs1_20190128122402_NS.png" apple-inline="yes" id="9B585290-AE46-440A-888E-66B9DC22713D" src="cid:0553FB68-94D6-45E3-8BA7-DEDFCE78BA55@hsd1.il.comcast.net" class=""></i></span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(255, 255, 255); min-height: 14px;" class="">
<span style="font-kerning: none; text-shadow: 1.0px 1.0px 1.0px #2c2f34" class=""></span><br class="">
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<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(132, 132, 132); min-height: 19px;" class="">
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<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(82, 122, 130);" class="">
<span style="font-kerning: none; color: #262626" class=""><b class="">Recommended: </b><a href="https://www.marketwatch.com/story/finally-some-good-news-about-millennials-a-growing-number-save-100000-2018-01-23" class=""><span style="font-kerning: none; color: #527a82" class=""><b class="">There’s
been a spike in the number of millennials with $100,000 saved</b></span></a></span></p>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 22px; line-height: normal; color: rgb(82, 122, 130);" class="">
<span style="font-kerning: none" class=""><i class="">Just over half of all Americans own stocks, Gallup found. Two-thirds of Americans do not even participate in or have access to a 401(k) plan, according to the U.S. Census Bureau.</i></span></div>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 22px; line-height: normal; color: rgb(82, 122, 130); min-height: 26px;" class="">
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</div>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">In fact, Bill Bischoff, MarketWatch’s “Tax Guy,” recommends starting making investments for your children’s retirement <a href="https://www.marketwatch.com/story/why-kids-should-open-ira-accounts-2015-03-11" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">while
they are still in short trousers</b></span></a>. “I admit that convincing your kids to use their summer earnings to invest in an IRA is a pretty tough sell. But in all seriousness, it’s an excellent idea and one that might not be too outlandish if you encourage
your child simply to allocate a portion of his or her earnings to the cause.”</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">“You could even sweeten the pot a little by offering a ‘match’ in the form of a little extra spending money,” he adds. “Not only will modest contributions add up to significant savings come retirement, but it’s also
a way to teach your child an invaluable lesson that is unlikely to be learned in school.”</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">In the fourth quarter of 2018, the average American’s <a href="https://www.marketwatch.com/story/americans-are-less-satisfied-with-their-finances-heres-why-2019-01-24" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">personal-financial
satisfaction did fall from a recent all-time high</b></span></a>, according to a report released last week by the American Institute of CPAs. For five straight quarters previously, Americans were estimated to have grown happier with their finances, but the
recent stock-market volatility damaged their confidence.</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">They’ve reason to be concerned: One in five households has zero or negative wealth, according to a 2017 report by the Institute for Policy Studies, a progressive think tank based in Washington, D.C. What’s more, an
even greater share of African-American (30%) and Latino (27%) households are “underwater” financially. </span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">The combined impact of $1 trillion in credit-card debt, $1.4 trillion in student loan debt, and stagnant wages are taking a toll. Not having invested in the stock market at an early age or having the money in adulthood
to invest in equities also compounds this issue, experts say.</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">What’s more, the top 1% of households in the U.S. by income also have far more savings. They have a median savings of $1.1 million across a variety of saving accounts, according to a new analysis of Federal Reserve
and Federal Deposit Insurance Corp. data by <a href="https://www.magnifymoney.com/blog/news/average-american-savings/" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">personal-finance
site Magnify Money</b></span></a>. The bottom 20% by income have no savings accounts.</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">The average savings in retirement, money market deposit, checking and savings and certificate of deposit accounts are skewed by higher earners. The top 1% have an average of $2.5 million in accounts, while the bottom
20% have an average of $8,870 saved. The average household has $277,670 in retirement accounts, but the median household only has $72,840.</span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 15px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class=""><i class=""><img alt="MW-GO925_househ_20180824100650_MG.jpg" apple-inline="yes" id="3608D76D-E28C-4EF6-86EA-110608717DF1" src="cid:0474B0B6-5696-4B20-B792-4B96B9D55AB3@hsd1.il.comcast.net" class=""></i></span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(255, 255, 255); min-height: 14px;" class="">
<span style="font-kerning: none; text-shadow: 1.0px 1.0px 1.0px #2c2f34" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(132, 132, 132); min-height: 19px;" class="">
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</div>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</p>
<div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
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<p style="margin: 0px 0px 14px; font-stretch: normal; line-height: normal; color: rgb(129, 128, 134);" class="">
Published: Feb 11, 2019 12:00 p.m. ET</p>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 20px; line-height: normal; color: rgb(79, 88, 101);" class="">
<span style="font-kerning: none; color: #ffffff; background-color: #2d4487" class=""><b class=""> </b></span><span style="font-kerning: none" class=""><b class="">Wealth inequality has not have dented some people’s appetite for owning stocks</b></span></div>
<div style="margin: 0px; text-align: center; font-stretch: normal; line-height: normal; color: rgb(82, 122, 130);" class="">
<span style="font-kerning: none" class=""><a href="https://www.marketwatch.com/topics/journalists/quentin-fottrell" class=""><img alt="quentinFottrellnewnew_100.jpg" apple-inline="yes" id="6936EA5D-5746-4E23-A04F-8487C9357885" src="cid:3AC0C86B-93BE-4D38-861F-9F2E757C226A@hsd1.il.comcast.net" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""></span></a></span></div>
<div style="margin: 0px; text-align: center; font-stretch: normal; line-height: normal;" class="">
<span style="font-kerning: none" class="">By</span></div>
<p style="margin: 0px 0px 10px; text-align: center; font-stretch: normal; line-height: normal; color: rgb(82, 122, 130);" class="">
<span style="font-kerning: none" class=""><a href="https://www.marketwatch.com/topics/journalists/quentin-fottrell" class=""><b class="">QUENTIN</b></a></span></p>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 20px; line-height: normal; color: rgb(55, 71, 76);" class="">
<span style="font-kerning: none" class=""><a href="https://www.marketwatch.com/topics/journalists/quentin-fottrell" class=""><b class="">FOTTRELL</b></a></span></div>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 13px; line-height: normal; color: rgb(88, 92, 100);" class="">
<span style="font-kerning: none" class=""><b class="">WSJ PERSONAL FINANCE EDITOR</b></span></div>
<p style="margin: 0px; text-align: center; font-stretch: normal; line-height: normal;" class="">
<span style="font-kerning: none" class=""> </span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 15px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class=""><i class=""><img alt="MW-HC824_Wealth_20190128134640_OR.jpg" apple-inline="yes" id="A9A455CF-2B02-4909-919F-AAF668990B9C" src="cid:ADC1DF8D-52DB-4F4E-80F6-2EB7B0A93BF7@hsd1.il.comcast.net" class=""></i></span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(255, 255, 255);" class="">
<span style="font-kerning: none; text-shadow: 1.0px 1.0px 1.0px #2c2f34" class="">Grady Reese/Getty Images</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(132, 132, 132);" class="">
<span style="font-kerning: none" class="">‘Spending on luxury goods largely purchased by wealthy households is highly sensitive to stock prices,’ according to Goldman Sachs.</span></div>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Social inequality has led more wealthy Americans to own even more stocks than four decades ago.</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">“Equity holdings have more than tripled as a share of disposable income at the aggregate level and have also risen substantially for middle- and upper-middle wealth groups,” Daan Struyven, senior economist at Goldman
Sachs <a href="https://www.marketwatch.com/investing/stock/gs?mod=MW_story_quote" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(172, 48, 63);" class=""><b class="">GS, -0.18%</b></span></a>said in a
research note <a href="https://awealthofcommonsense.com/2019/01/who-owns-all-the-stocks-bonds/" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">recently highlighted
by Ben Carlson</b></span></a>, a portfolio adviser at Ritholtz Wealth Management. </span></p>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 22px; line-height: normal; color: rgb(82, 122, 130);" class="">
<span style="font-kerning: none" class=""><i class="">‘The wealthiest 0.1% and 1% of households now own about 17% and 50% of total household equities, respectively, up significantly from 13% and 39% in the late 1980s.’</i></span></div>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 15px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">—Daan Struyven, senior economist at Goldman Sachs</span></div>
<div style="margin: 0px; text-align: center; font-stretch: normal; font-size: 22px; line-height: normal; color: rgb(82, 122, 130); min-height: 26px;" class="">
<span style="font-kerning: none" class=""><i class=""></i></span><br class="">
</div>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Stock-price movements are more likely to be felt by luxury goods companies, Struyven suggested. “Equity-price moves do have a meaningful effect on the spending of wealthy households,” he added. “We find evidence that
spending on luxury goods largely purchased by wealthy households is highly sensitive to stock prices.”</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">The richest people in the country have increased their share of stock ownership over the last 30 years, Struyven added. “The wealthiest 0.1% and 1% of households now own about 17% and 50% of total household equities,
respectively, up significantly from 13% and 39% in the late 1980s,” according to his estimate.</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">So does this concentration of stock ownership among the rich limit the effects of stock-market fluctuations on consumer spending? Declines in equity prices may translate into smaller declines in consumer spending than
previous years, “because wealthy households now bear a larger share of the losses,” Struyven wrote. He expects only a “modest drag” on consumer spending.</span></p>
<p style="margin: 0px 0px 32.4px; font-stretch: normal; font-size: 25.1px; line-height: normal; color: rgb(26, 26, 26);" class="">
<span style="font-kerning: none" class="">The State of the American Wallet</span></p>
<p style="margin: 0px 0px 15px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class=""><i class="">Data is updated as it becomes available.</i></span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<p style="margin: 0px 0px 15px; font-stretch: normal; font-size: 15px; line-height: normal; color: rgb(14, 14, 14);" class="">
<span style="font-kerning: none" class="">Data portraits of how the average American family is faring financially. <a href="https://www.marketwatch.com/graphics/2017/the-state-of-the-american-wallet/" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(65, 173, 60);" class="">See
full dashboard</span></a></span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; color: rgb(32, 91, 113);" class="">
<span style="font-kerning: none" class="">NET WORTH</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 56px; line-height: normal; color: rgb(26, 26, 26);" class="">
<span style="font-kerning: none" class="">$97,300</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">median net worth of an American family</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">16.25% from previous report</span></div>
<p style="margin: 0px 0px 15px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">The total value of all the money in a person's bank accounts and investments, plus property and other assets, minus any debts owed</span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">Median net worth of all families compared to that of top earners</span></div>
<table cellspacing="0" cellpadding="0" class="">
<tbody class="">
<tr class="">
<td valign="baseline" style="width: 85.1px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 12.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgba(81, 81, 81, 0.0980392); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Recession</span></div>
</td>
<td valign="baseline" style="width: 70.5px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 5.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgb(65, 173, 60); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Max and</span></div>
</td>
<td valign="baseline" style="width: 113.4px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 12.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgb(249, 57, 46); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">min since 1989</span></div>
</td>
</tr>
<tr class="">
<td valign="middle" style="width: 25.0px; margin: 0.5px 0.5px 0.5px 0.5px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
</td>
<td colspan="2" valign="middle" style="width: 170.0px; max-width: 170.0px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 0.0px 0.0px 0.0px 5.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Median net worth of top 10% of income earners</span></div>
</td>
</tr>
<tr class="">
<td valign="middle" style="width: 25.0px; margin: 0.5px 0.5px 0.5px 0.5px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
</td>
<td colspan="2" valign="middle" style="width: 170.0px; max-width: 170.0px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 0.0px 0.0px 0.0px 5.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Median net worth</span></div>
</td>
</tr>
</tbody>
</table>
<div style="margin: 0px; font-stretch: normal; font-size: 13.7px; line-height: normal; color: rgb(100, 100, 100); min-height: 17px;" class="">
<span style="font-kerning: none" class=""><i class=""></i></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; color: rgb(32, 91, 113);" class="">
<span style="font-kerning: none" class="">SAVINGS</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 56px; line-height: normal; color: rgb(26, 26, 26);" class="">
<span style="font-kerning: none" class="">6.00%</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">of disposable income</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">1.64% from previous month</span></div>
<p style="margin: 0px 0px 15px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">The money set aside for future use, either for an emergency, retirement or another long-term goal</span></p>
<div style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; color: rgb(67, 67, 67);" class="">
<span style="font-kerning: none" class="">Personal saving rate, seasonally adjusted annual rate, recorded monthly</span></div>
<table cellspacing="0" cellpadding="0" class="">
<tbody class="">
<tr class="">
<td valign="baseline" style="width: 85.1px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 12.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgba(81, 81, 81, 0.0980392); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Recession</span></div>
</td>
<td valign="baseline" style="width: 70.5px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 5.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgb(65, 173, 60); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">Max and</span></div>
</td>
<td valign="baseline" style="width: 138.8px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 5.0px 12.0px 5.0px 0.0px" class="">
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); background-color: rgb(249, 57, 46); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">min since Jan 2007</span></div>
</td>
</tr>
</tbody>
</table>
<div style="margin: 0px; font-stretch: normal; font-size: 18.3px; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; color: rgb(83, 83, 83);" class="">
<span style="font-kerning: none" class="">Sources: Census Bureau, Commerce Department via FRED (2),
<a href="https://www.newyorkfed.org/microeconomics/hhdc.html" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(65, 173, 60);" class="">New York Fed Consumer Credit Panel/Equifax</span></a>, S&P via FRED,
Energy Information Administration via FRED, College Board</span></div>
<div style="margin: 0px; font-stretch: normal; font-size: 10px; line-height: normal; font-family: Arial; color: rgb(255, 255, 255); min-height: 11px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; font-stretch: normal; font-size: 10px; line-height: normal; font-family: Arial; color: rgb(193, 193, 193); min-height: 11px;" class="">
<span style="font-kerning: none" class=""></span><br class="">
</div>
<div style="margin: 0px; text-align: center; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38);" class="">
<span style="font-kerning: none" class="">This gap between the rich and everyone else can be seen in overall stock ownership. Just over half of Americans own stocks, <a href="http://news.gallup.com/poll/211052/stock-ownership-down-among-older-higher-income.aspx" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">this
Gallup report concluded</b></span></a>. That includes 401(k) plans, shares in an equity mutual fund and/or an IRA account. Two-thirds of Americans do not even participate in or have access to a 401(k) plan, <a href="https://www.marketwatch.com/story/the-amount-of-americans-not-saving-for-retirement-is-even-worse-than-you-thought-2017-02-21" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">according
to the U.S. Census Bureau</b></span></a>.</span></div>
<div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(38, 38, 38); min-height: 22px;" class="">
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<span style="font-kerning: none; color: #262626" class=""><b class="">Recommended: </b><a href="https://www.marketwatch.com/story/finally-some-good-news-about-millennials-a-growing-number-save-100000-2018-01-23" class=""><span style="font-kerning: none; color: #527a82" class=""><b class="">There’s
been a spike in the number of millennials with $100,000 saved</b></span></a></span></p>
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<span style="font-kerning: none" class=""><i class="">Just over half of all Americans own stocks, Gallup found. Two-thirds of Americans do not even participate in or have access to a 401(k) plan, according to the U.S. Census Bureau.</i></span></div>
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<span style="font-kerning: none" class="">In fact, Bill Bischoff, MarketWatch’s “Tax Guy,” recommends starting making investments for your children’s retirement <a href="https://www.marketwatch.com/story/why-kids-should-open-ira-accounts-2015-03-11" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">while
they are still in short trousers</b></span></a>. “I admit that convincing your kids to use their summer earnings to invest in an IRA is a pretty tough sell. But in all seriousness, it’s an excellent idea and one that might not be too outlandish if you encourage
your child simply to allocate a portion of his or her earnings to the cause.”</span></p>
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<span style="font-kerning: none" class="">“You could even sweeten the pot a little by offering a ‘match’ in the form of a little extra spending money,” he adds. “Not only will modest contributions add up to significant savings come retirement, but it’s also
a way to teach your child an invaluable lesson that is unlikely to be learned in school.”</span></p>
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<span style="font-kerning: none" class="">In the fourth quarter of 2018, the average American’s <a href="https://www.marketwatch.com/story/americans-are-less-satisfied-with-their-finances-heres-why-2019-01-24" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">personal-financial
satisfaction did fall from a recent all-time high</b></span></a>, according to a report released last week by the American Institute of CPAs. For five straight quarters previously, Americans were estimated to have grown happier with their finances, but the
recent stock-market volatility damaged their confidence.</span></p>
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<span style="font-kerning: none" class="">They’ve reason to be concerned: One in five households has zero or negative wealth, according to a 2017 report by the Institute for Policy Studies, a progressive think tank based in Washington, D.C. What’s more, an
even greater share of African-American (30%) and Latino (27%) households are “underwater” financially. </span></p>
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<span style="font-kerning: none" class="">The combined impact of $1 trillion in credit-card debt, $1.4 trillion in student loan debt, and stagnant wages are taking a toll. Not having invested in the stock market at an early age or having the money in adulthood
to invest in equities also compounds this issue, experts say.</span></p>
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<span style="font-kerning: none" class="">What’s more, the top 1% of households in the U.S. by income also have far more savings. They have a median savings of $1.1 million across a variety of saving accounts, according to a new analysis of Federal Reserve
and Federal Deposit Insurance Corp. data by <a href="https://www.magnifymoney.com/blog/news/average-american-savings/" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(82, 122, 130);" class=""><b class="">personal-finance
site Magnify Money</b></span></a>. The bottom 20% by income have no savings accounts.</span></p>
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<span style="font-kerning: none" class="">The average savings in retirement, money market deposit, checking and savings and certificate of deposit accounts are skewed by higher earners. The top 1% have an average of $2.5 million in accounts, while the bottom
20% have an average of $8,870 saved. The average household has $277,670 in retirement accounts, but the median household only has $72,840.</span></p>
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