Good News for Wealth Managers

From an article in today's New York Times concerning data from the 2007 Statistical Abstract:

More than half of American households owned stocks and mutual funds in 2005. The 91 million individuals in those households had a median age of 51 and a median household income of $65,000.

That might help explain a shift in what college freshmen described as their primary personal objectives. In 1970, 79 percent said their goal was developing a meaningful philosophy of life. By 2005, 75 percent said their primary objective was to be financially very well off.