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Disparities By Race, Ethnicity And Education Underlie Millennials Comeback In Wealth

Disparities By Race, Ethnicity And Education Underlie Millennials Comeback In Wealth
from the St Louis Fed
this post authored by Ana Hernflndez Kent, Senior Researcher, Institute for Economic Equity; and Lowell R. Ricketts, Data Scientist, Institute for Economic Equity
In the first post of this series, we found that older millennials (those born in the 1980s) had made significant gains in family wealth. They were only 11% below wealth expectations as of 2019, versus 40% below expectations in 2016. By “wealth expectations, we mean a predicted level based on the wealth held by families in that generation and earlier generations at similar ages. ....

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Millennials Are Catching Up In Terms Of Generational Wealth

Millennials Are Catching Up In Terms Of Generational Wealth
from the St Louis Fed
this post authored by Ana Hernflndez Kent, Senior Researcher, Institute for Economic Equity; and Lowell R. Ricketts, Data Scientist, Institute for Economic Equity
In 2018, we published an essay in our Demographics of Wealth series in which we explored the impact of the Great Recession on young families. Our results showed that families headed by those born in the 1980s[ 1] (referred to as “older millennials, the youngest group we analyzed at the time) were about 34% below wealth expectations. (By “wealth expectations, we mean a predicted level based on the wealth held by families in that generation and earlier generations at similar ages.) This led us to ponder whether older millennials would become part of an economically “lost generation. ....

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Wealth Gaps Between White, Black And Hispanic Families In 2019

Wealth Gaps Between White, Black And Hispanic Families In 2019
from the St Louis Fed
this post authored by Ana Hernandez Kent, Senior Researcher, Center for Household Financial Stability; and Lowell R. Ricketts, Data Scientist, Center for Household Financial Stability
Education, family structure, and generation status are related to how much wealth a household has. But regardless of which kinds of those characteristics they have, non-Hispanic Black and Hispanic (of any race) families in the U.S. have large and persistent wealth gaps with non-Hispanic white families (hereafter, Black, Hispanic, and white, respectively).
We analyzed 2019 data, the latest available from the Federal Reserve Board’s Survey of Consumer Finances (SCF),1 on family wealth, or what a family owns minus what they owe. We based a family’s demographic characteristics on those of the survey respondent, who is generally the most financially knowledgeable person in the household. ....

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