An article on Friday in The Times focuses on the financial
challenges facing younger Americans, who are accumulating wealth
at a much slower pace than their parents did. With stagnant
wages, a tough job market and heavy student debt, American under
about age 40 have accrued less wealth than their parents did at
the same age, even as the average wealth of Americans has
doubled over the last quarter-century, according to a new study
by the Urban Institute. The situation is of concern to financial
planners and advisers because of what they call the “time value”
of money — that is, the earlier you start saving and investing,
the more time you have for your assets to grow. If you get a
later start, you’ll have less time to catch up. So by getting
behind now, young people may find themselves short when they
near retirement. Greg Dorriety, a certified financial planner
near Mobile, Ala., said he often advises young adults who are
the children of his older clients, and he stresses with them the
need to start saving —