According to CNBC, economists and recent survey data suggest older Americans' accumulated wealth may be helping sustain consumer spending even as housing costs, debt and everyday expenses remain elevated. Economist Ed Yardeni of Yardeni Research said the economy may be better described as “G-shaped” rather than “K-shaped,” arguing that age, not just income, is driving the divide because baby boomers have more investments, retirement savings and home equity to spend.

A Principal Financial Group survey provided exclusively to CNBC found that 53% of baby boomers said they felt able to manage their debt, compared with 42% of Generation X and millennials and 39% of Generation Z. The survey, fielded from April 17 to May 16 among 1,000 respondents, also found boomers reported the highest satisfaction with their current financial situation at 41% and the highest share saying they had enough financial knowledge to make confident decisions at 52%.

Federal Reserve data showed families headed by someone age 75 or older saw a 37% increase in inflation-adjusted median net worth between 2022 and 2025, while families headed by someone under age 35 saw a 23% decline. The Fed also said median income rose 24% for families headed by someone age 75 or older over the same period, compared with 2% for families under 35.

A JPMorganChase Institute report found that during the three months ending in April 2026, 8.2% of individuals moved money from investment holdings to checking accounts, up from 4% in the same period in 2019. In April 2026, net transfers from investments to checking accounts equaled 6.8% of spending, compared with 3.5% in April 2019. Among people age 65 and older in the top 10% of income earners, 37.3% made net withdrawals from investment accounts in 2025, up from 24.5% in 2019.