Financial Well-Being and the Narrowing Racial Wealth Gap
It is vital for policymakers to have a clear picture of consumers’ financial health, particularly as the economy recovers following the Covid-19 pandemic. To that end, every three years, the Federal Reserve conducts the Survey of Consumer Finances (SCF), one of the most detailed examinations of household wealth in the United States. Conducted in 2019 and 2022, the two most recent surveys provide a valuable resource to researchers who wish to explore wealth changes during the pandemic. During this event, we shared research that draws from the SCF and other sources to present data on the racial wealth gap and nine economic factors that impact the disparity in net worth between households by race and ethnicity. Following the research presentation, a panel of experts discussed economic factors that impact this gap and policies that could address it.
