Experience has its benefits

Might be time to hit up the grandparents for a bigger birthday check.

A Census-based report shows the wealth gap between old and young adults is wider than ever before in U.S. history, with households headed by a person 65 or older boasting a median net worth 47 times greater than those of individuals 35 and younger.

That trend seems to hold up in Kootenai County, where many in the winter generation have stowed enough to live comfortably, while young adults are at a disadvantage just getting started.

"For my daughter who's 19, it's been hard to find a position, because they're giving them to older Americans with more experience," said Coeur d'Alene resident Gina Baker. "You can apply to a million places, but there are so many kids applying already."

The median net worth of older households in 2009 was $170,494, according to Pew Research Center's analysis of U.S. Census data. That's 42 percent higher than their counterparts in 1984.

Meanwhile, households headed by individuals under 35 last year had a median net worth of just $3,662, which is 68 percent less than those the same age in 1984.

Rathdrum resident Dave Madison, 68, pointed out that folks his age have just had more time to save, accrue valuables and collect pension.

"Speaking for myself, I'm much better off than when I was a younger person," Madison said. "I expect most older people are."

His friend, Ren Hone, 69, said he thinks young adults aren't independent enough to take care of themselves.

The Coeur d'Alene retiree believes older county residents are just getting by, he added.

"Most retired people I don't believe are wealthy," Hone said.

Madison disagreed, pointing out that most of his neighbors are, like him, transplants from California living very comfortably.

"Everybody I meet - when I go into a store and ask the question, 'Where are you from?' they say, 'California,'" he said, adding that he owns two homes and is looking to invest in more.

Crossing the North Idaho College campus on Monday, student Nigel Ngawaka said he thinks older generations here have better quality of life.

"Have you noticed how many Infinitis and Lexuses are around town?" Ngawaka said.

He has noticed folks his age have few options to find jobs and establish themselves, he said, unless they have a relative to hook them up.

"If you like fast food, there are plenty of those around," the 30-year-old said.

The wealth gap in Kootenai County is likely being driven by retirees with multiple homes that the area tends to attract, said Alivia Body, regional economist with the Idaho Department of Labor.

"We do have obviously a larger retirement population, and a majority of those people are better off," Body noted.

She was reluctant to dub 20-somethings as the most unemployed.

A county customer report Body supplied shows that unemployment this spring was 2 percent for those under 20; 25 percent for ages 20-29; 22 percent for those 30-39; 22 percent for ages 40-49; 20 percent for ages 50-59; and 9 percent for those over 60.

She noted that most folks job hunting now have to settle for low-paying entry level positions, and compete with "a flood of people" competing for the same.

"All of those students that just graduated from college, they don't have the work experience that employers are looking for," she said. "They're just trying to find something."

Don Price, a North Idaho College student, argued that younger generations can still advance their economic positions right now, with enough effort.

"That's why I'm going to school," said the 30-year-old, who quit his job at Burger King to become a medical assistant. "I don't want to work 60, 70 hours a week to get by."

His friend, Megan Wilson, 19, added that she is working two jobs to put herself through school.

"It took me like a month, but I kept looking online," she said of her job search.

According to the Pew report, the nation's wealth gap between generations can be attributed to rising home equity for older households, lowering home values for younger households, changes in annual income and poverty, delayed entry into marriage and the labor market, and the recession.

Rick Currie, Lake City Center manager, said he isn't sure seniors here are living a charmed life.

"We have (senior) individuals here at the center that could pretty much buy anything they wanted," Currie said. "I also know we have people who are living paycheck to paycheck."