The Media Audit Examines The 'Young With Money' Set
February 20, 2007 at 3:26 PM (PT)
There are 23.2 million adults in the 87 metropolitan markets surveyed regularly by THE MEDIA AUDIT with annual household incomes of $100,000 or more -- and 6.2 million are between the ages of 18-34. "There are more -- by both percent and actual number -- adults with six-figure incomes under the age of 35 than there are over the age of 54," says BOB JORDAN, Pres. of INTERNATIONAL DEMOGRAPHICS INC., the market research firm that produces THE MEDIA AUDIT.
Among all those with six-figure incomes, 26.6%, or 6.2 million, are under the age of 35, and 19%, or 4.4 million, are over the age of 54. In the 87 markets, there are 43.8 million adults under age 35 and 39.8 million over age 54.
There are more adults with six-figure incomes under the age of 35 than there are over the age of 54.
Eighteen percent of the "young with money" are aged 18-20 and 18.9% are 21-24. The remaining 63.2% are 25-34.
Of the 6.2 million 18-34-year-olds with six-figure incomes, 60.9% are men and 39.1% are women. "The gender differences so evident in these numbers are in spite of the fact that the women are more inclined to have a college degree," JORDAN says. "Fifty-six percent of 18-34-year-old women earning $100,000 or more have one or more degrees. Just 46% of men in the category have one or more college degrees."
In addition, 16.4% of men and 17.6% of women in the "young with money" group have advanced degrees. Men also get to the $100,000-income level quicker. Among women, 15.6% are 18-20 and 19.4% of men are in the same age group.
Home Values & Optimism
In spite of the gender differences, women still managed to buy more houses. In the "young with money" group, 46.5% of women have homes valued at $300,000 or more. Among men in the group, 42.2% have homes valued at $300,000 or more. Women in this group are also more inclined than men to own their own home -- 80.7% compared with 74.3%.
And the male/female divide becomes enormous when "financial optimism" is the subject. When asked if they expected to be financially better off six months from now, 54.6% of the women said yes, while 68.7% of the men said yes. The divide almost disappears when the subject is investing, as 69% of women and 68.6% of men have CDs, IRAs and/or 401Ks.
Twenty-six percent of the men in the group ate the evening meal in a sit-down restaurant at least four times during the two weeks prior to the survey, compared with 21.8% of the women.
Approximately, 58.3% of the "young with money" group are Caucasian, 9.7% are African-American, 15.3% are Hispanic, and 12.7% are Asian.