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Gen X hit hardest in recession

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There's plenty of misery to go around, but Gen X has had the worst of it according to a US Census report.

In terms of actual dollars lost, 45- to 54-year-olds took the biggest hit. For households in that age range, median net worth declined by $54,881, to $90,434. That’s a 38 percent drop from 2005, calculated in 2010 dollars.

Overall, the study found that median household net worth in the United States declined by 35 percent between 2005 and 2010, to $66,740. The housing bust and stock market declines were mainly to blame for the drop.

The Census report is based on the annual Survey of Income and Program Participation, which takes a detailed look at the financial situation of Americans from all walks of life. The survey uses the renter or owner of record in each household to determine what age group the household falls into.

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