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.
from the St Louis Fed this post authored by Meredith Covington, Manager, Supervision Policy, Research and Analysis Manager; and Ana H. Kent, Policy Analyst, Center for Household Financial Stability
During most of the coronavirus pandemic, women have faced higher unemployment rates than men, as the pandemic affected sectors with high shares of female workers, particularly in service professions. Moreover, the closures of schools and day care centers and the implementation of remote learning have increased child care needs, which disparately affect working mothers.
A September McKinsey study (PDF) shows that roughly a third of working mothers were considering taking a leave of absence, dropping out of the work force entirely, cutting their hours, moving to part-time or switching to a less-demanding role. Childcare responsibilities were a primary concern for most of these mothers.