The Federal Reserve's 2025 Survey of Consumer Finances shows that wealth gains from 2022 to 2025 were concentrated among older and affluent households, while younger families faced sharp declines and debt-payment stress intensified. Households headed by someone 75 or older had the highest median net worth, at about $504,000, and their median annual income rose 24% to $67,000. The 18 million households in that age group represent about 13.4% of U.S. families. Households headed by people aged 65 to 74 saw wealth rise 37% during the period. The survey links gains among older Americans partly to growth in retirement assets, while the S&P 500 rose about 78% between the end of 2022 and 2025. Fidelity Investments also reported a record 769,000 401(k) accounts with balances of at least $1 million in the second quarter. Younger households were left behind: median net worth for families headed by someone under 35 fell 23% to $33,000, chiefly because of weaker gains in business equity. The new account puts median net worth for the richest 10% at $3.6 million, up 31%, while an earlier version of the record reported $4.94 million after a 19% increase, leaving a discrepancy in the supplied figures. Overall, the existing record reported inflation-adjusted median family income rising 7% to $82,200 and median net worth increasing 2% to $215,900. Financial stress also worsened. About 20% of households were behind on debt repayments in 2025, up 7 percentage points from 2022, and roughly one in 12 families devoted at least 40% of income to debt repayment. The Federal Reserve said families were more likely to be behind on financial obligations than at any point since the 2010 survey.