Racial and Ethnic Wealth Gaps in the U.S. Society for Financial Education and Professional Development October 26, 2015 Richard Fry Pew Research Center.

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Presentation transcript:

Racial and Ethnic Wealth Gaps in the U.S. Society for Financial Education and Professional Development October 26, 2015 Richard Fry Pew Research Center

Outline Introductory Material and Definitions Trends in the Racial and Ethnic Wealth Gaps Ownership of Specific Assets Demographic Correlates of Wealth Building

Why Does Wealth Matter? Protection against short-term economic shocks Retirement income Security and status for future generations Access to superior health, education and other services Housing component also provides shelter Social and political influence

Trends in the Racial and Ethnic Wealth Gaps

Wealth Gaps Have Grown Since the Great Recession Note: “Blacks” and “whites” include only non-Hispanics. Hispanics are of any race. Chart scale is logarithmic. The Great Recession began in December 2007 and ended in June Source: Pew Research Center tabulations of Survey of Consumer Finances public-use data Median Net Worth in 2013 Dollars, from SCF

Wealth Gaps May Have Peaked White-to-blackWhite-to Hispanic Note: “Blacks” and “whites” include Hispanics Source: U.S. Census Bureau, Survey of Income and Program Participation Ratios of Median Wealth, 1984 to 2011 (from SIPP)

Shares of Households With Zero or Negative Net Worth, 2005 & 2010 Note: “Whites” and “blacks” refer to the non-Hispanic components of those populations. Source: Pew Research Center tabulations of Survey of Income and Program Participation data

Ownership of Specific Assets

Source: Pew Research Center tabulations of Survey of Income and Program Participation data Median Net Worth Median Net worth Excluding Home Equity Share of Households Owning Homes Median Home Equity Median Net Worth of Homeowners All$70,266$17,29665 $ 81,671 $ 166,520 White$112,808$34,10673 $ 86,776 $192,257 Black$6,446$2,16844 $ 51,045 $82,692 Hispanic$7,843$4,09447 $ 47,982 $74,589 Asian$91,205$29,95259 $ 122,507 $260,333 In 2012 Dollars Home Equity, 2011

Note: Includes ownership of 401K, IRA, and KEOGH accounts, as well as direct ownership of stocks and mutual fund shares and corporate and municipal bonds and Treasury securities Source: Pew Research Center tabulations of Survey of Income and Program Participation data Stock Ownership 2005Stock Ownership 2011 Share of Households Owning Stocks or Bonds Median Value of Stocks and Bonds if Owned Share of Households Owning Stocks or Bonds Median Value of Stocks and Bonds if Owned All57$47,04656$52,933 White64$56,45563$63,647 Black36$21,17137$21,439 Hispanic32$18,81830$23,480 Asian60$55,27961$56,659 In 2012 Dollars Stock Ownership, 2005 and 2011

Demographic Correlates of Wealth Building

Household Wealth: The Role of Age, 2010 Source: U.S. Census Bureau

Household Wealth: The Role of Education, 2010 Source: U.S. Census Bureau

Household Wealth: The Role of Income, 2010 Source: U.S. Census Bureau

Contact Information Richard Fry Senior Researcher