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They have the largest wealth gap of any generation, according to the Schroders 2023 U.S. Retirement Survey. On average, these workers say it will take a bit over $1.1 million in savings to retire ...
WASHINGTON -- The wealth gap between younger and older Americans has stretched to the widest on record, worsened by a prolonged economic downturn that has wiped out job opportunities for young ...
However, the wealth gap has only widened. In 2022, the Urban Institute reported the average Black household had roughly $211,000 in wealth, while the average Hispanic household had roughly $227,544.
Consistently positive cash flow, or excess income after all household spending, is critical to achieving financial stability and building wealth, the report argues. However, renters are ...
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Another way to close the wealth gap and build generational wealth is to tackle your debt. “High-interest debts, such as credit cards, can erode wealth over time,” Blair said.
But this fail-safe, like all the others, isn’t equally available to everyone. The wealth gap between white and non-white families is massive. Since basically forever, almost every avenue of wealth creation—higher education, homeownership, access to credit—has been denied to minorities through discrimination both obvious and invisible.
This, he says, has caused the wealth gap with many people barely getting by while others thrive. “It was an agrarian economy a couple hundred years ago,” he said in an interview with CNN.