Drivers of Savings Inequality by Race and Place
Savings inequality is a major factor contributing to worsening differences in wealth by race in the United States. This study examines the factors that influence differences in savings rates for American households including income, education, age, nativity, family structure, financial giving, and living in an urban versus rural location. In addition, this research takes a preliminary look at societal-level factors such as cost of living, proportion of unbanked households, and racial segregation.
- How education, income, and racial savings gaps impact savings rates
- How financial giving may or may not lead to reduced savings rates
- How where you live may impact how much you save