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The ability of families to save and build wealth -- whether to buy a home, build a retirement nest egg, or simply save enough for unexpected emergencies -- has become increasingly difficult over the last two decades. Currently, about half of Americans have few or no assets. Who suffers as a result of this wealth gap, and what does it mean for people of color, women and older Americans in retirement?
> Publications: Reports, Articles and Books
> People of Color
> Women
> Older Americans
"New Research Shows Growing Wealth Gap Between The Poor And The Rest of America"
(Consumer Federation of America: February 2004)
Research by the Consumer Federation of America (CFA), the National Credit Union Foundation (NCUF), and Credit Union National Association (CUNA) reveals that the wealth gap between the poor and other Americans has been growing over the past decade. The fact that the wealth gap is much larger than the income gap suggests that factors other than income are significant. Most important, according to the research, are homeownership and retirement assets.
"A Rolling Tide: Changes in the Distribution of Wealth in the U.S., 1989-2001" (Arthur B. Kennickell, Federal Reserve Survey of Consumer Finances: March 2003)
Examines the distribution of wealth among American families from 1989 to 2001. Particular attention is given to the contrast between families with negative net worth and those in top one percent of wealth owners.
"Demographic Shifts in the Distribution of Wealth, 1992 to 1998: Evidence from the Survey of Consumer Finances" (Arthur B. Kennickell, Federal Reserve Survey of Consumer Finances: August 2002)
A graphical look at wealth distribution patterns from 1992 to 1998. Prepared for the General Conference of The International Association for Research in Income and Wealth, this report finds that those at the lower end of the wealth distribution experienced no increase in wealth during this period of economic growth. At the same time, households with the least wealth experienced an increase in overall debt.
Top Heavy: A Study of the Increasing Wealth Inequality in America (Edward N. Wolff: September 1996)
Now published in book form, this Twentieth Century Foundation report describes America's increasing inequality of wealth, and points towards the wealth tax as a possible policy solution.
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The Hidden Cost of Being African American: How Wealth Perpetuates Inequality (Thomas Shapiro: 2004)
Book combines interviews with national survey data to describe how racial inequality is transmitted across generations. Describes how wealth affects the structure of opportunity with respect to education, neighborhood environment and other factors.
"The Wealth of Hispanic Households: 1996 to 2002" (Pew Hispanic Center: October 2004)
A new study from the Pew Hispanic Center finds that the wealth gap between Hispanic and non-Hispanic White households has increased in the recent past. And the gap in wealth is far greater than the gap in income. According to the study, the median net worth of Hispanic households in 2002 was $7,932. This was only nine percent of 88,651, the median wealth of non-Hispanic White households at the same time. The net worth of Non-Hispanic Blacks was only $5,988. Thus, the wealth of Latino and Black households is less than one-tenth the wealth of White households even though Census data show their income is two-thirds as high.
"Minority Women and Retirement Income"(Women's Institute for a Secure Retirement: November 2002)
Report describes challenges to retirement security for both minority women and women as a whole, focusing on the three key elements of retirement security: social security, personal savings and employer-sponsored retirement plans. Contrary to this ideal, Social Security is the sole source of retirement income for nearly half of unmarried black and Hispanic women over age 65.
Racial Wealth Divide Education Project (United for a Fair Economy)
Official web site of the United for a Fair Economy Education Project that addresses the extraordinary wealth gap between whites and people of color in the U.S. Links to related study and analyses are included.
Being Black, Living in the Red: Race, Wealth and Social Policy in America (Dalton Conley, University of California Press: 1999)
Black Wealth, White Wealth: A New Perspective on Racial Inequality (Melvin L. Oliver, Thomas M. Shapiro Routledge: 1997)
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"Research Shows that Women on Their Own Face Financial Challenges" (Catherine P. Monalt: January 2004)
Sponsored by Consumer Federation of America, the study found that female-headed households average half the income and one-third the wealth of other households. Households headed by women also have much shorter financial planning horizons.
"Minority Women and Retirement Income"(Women's Institute for a Secure Retirement: November 2002)
Report describes challenges to retirement security for both minority women and women as a whole, focusing on the three key elements of retirement security: social security, personal savings and employer-sponsored retirement plans. Contrary to this ideal, Social Security is the sole source of retirement income for nearly half of unmarried black and Hispanic women over age 65.
"The Effect of Assets on the Economic Well-Being of Women after Marital Disruption" (Esther Cho: November 1999)
Study analyzes the effects of assets on women's economic well-being following divorce or separation, emphasizing changes in income and welfare receipt. Cho finds that assets can help to protect women and children from the negative economic consequences of marital disruption.
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In Search of Retirement Security: The Changing Mix of Social Insurance, Employee Benefits and Individual Responsibility (Century Foundation: January 2005)
Book based on papers delivered at the 16th annual conference of the National Academy of Social Insurance (NASI). Thirteen experts examine the changing face of retirement in America. Individual chapters are available online.
"Savings Outcomes of Older Adults Participating in IDAs: Findings from the American Dream Demonstration" (CSD: October 2004)
CSD finds that though older IDA participants had better saivngs outcomes than their younger counterparts, other factors also helped to shape program outcomes.
"Will Americans Ever Become Savers? The 14th Retirement Confidence Survey, 2004" (Ruth Helman and Variny Paladino: April 2004)
The Employee Benefit Research Institute reports on findings from the 14th annual Retirement Confidence Survey, which studies the attitudes and behaviors of American workers and retirees with respect to saving, retirement and long term financial well-being.
"The Economics of Aging" (National Bureau of Economic Research)
An outline of the National Bureau of Economic Research's Aging Program and some items on their agenda, including personal retirement accounts, social security, health care and disability.
"How Will Recent Patterns of Earnings Inequality Affect Future Retirement Incomes?" (Karen Smith, AARP: 2003)
Findings indicate that the recent incrase in earnings inequality will lead to a moderate increase in retirement income inequality. This puts a number of groups in the crosshairs of poverty.
"The Financial Problems of the Elderly: A Holistic Approach" (Victor R. Fuchs, NBER: April 2001)
Deconstructs the expenditures of the elderly and speculates on potential shifts in this income allocation in the future as health care costs rise and retirement savings fluctuate.
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