Wednesday, the St. Louis Federal Reserve released their third and final essay on the “Demographics of Wealth,” focusing on how age can affect one’s financial wealth.
The research shows that millennials enjoy less financial wealth than previous generations have had at that stage of life even though they are better educated than any previous generation.
Author William Emmons comments on one aspect of the survey by saying, “Part of the explanation for why young families seem to be slipping could be that they are more racially and ethnically diverse as a group than ever before. And we know that race and ethnicity disadvantage continue to loom large in our society.”
For more information and access to all three essays, you can visit www.stlouisfed.org/hfs.
Samantha Horton reported this story.
