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Demographics of Wealth 2018, Essay No. 2: A Lost Generation? Long-Lasting Wealth Impacts of the Great Recession on Young Families

Author

Listed:
  • William R. Emmons
  • Ana Hernández Kent
  • Lowell R. Ricketts

Abstract

This essay explores the connections between a person's birth year and measures of his or her family's financial well-being, including income and wealth. We found that wealth losses occurred across the age spectrum around the Great Recession but that families younger than retirement age suffered the most and have rebounded slowly. Based on data from nearly 48,000 families born throughout the 20th century, we found that families headed by someone born in 1960 or later were less likely to have recovered by 2016 than older families.

Suggested Citation

  • William R. Emmons & Ana Hernández Kent & Lowell R. Ricketts, 2018. "Demographics of Wealth 2018, Essay No. 2: A Lost Generation? Long-Lasting Wealth Impacts of the Great Recession on Young Families," Community Development Publications and Reports, Federal Reserve Bank of St. Louis, pages 1-26, May.
    • Handle: RePEc:fip:l00101:103229
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