This third essay in the Center for Household Financial Stability’s “Demographics of Wealth” series from the St. Louis Fed examines the connections between age and wealth. The essay is the result of an analysis of data collected from more than 40,000 heads of households between 1989 and 2013 through the Federal Reserve’s Survey of Consumer Finances.
The widening wealth gap in the US is a worrisome sign that millions of families nationwide do not have enough in assets to offer better opportunities for future generations. Using the National Asset Scorecard for Communities of Color survey data, researchers at the Boston Fed analyzed assets and debts among subpopulations in the Boston MSA according to race, ethnicity, and country of origin—granular detail ordinarily unavailable in public datasets. Their analysis shows large differences between white and nonwhite households, and that the net worth of whites compared with nonwhites is staggeringly divergent.
Ever wonder about the Federal Reserve’s involvement in the field of community development? Wonder no more. Released in June 2014, Federal Reserve Community Development Perspectives: A summary of activities, insights, and future opportunities answers the "what," "why" and "how" of the Fed's role in community development. The report highlights the Fed’s recent efforts to address barriers to economic growth, and promote fair and informed access to financial markets. Featuring brief summaries of its community development work organized into four focus areas--people, place, the policy and practice of community development, and small business--the report includes background information that helps to provide context for this work, a sampling of key research, outreach programs and other initiatives, as well as some ideas on future challenges, needs and opportunities.
This July 2015 newsletter from the Kansas City Fed announces an upcoming book on workforce development, examines a cluster-based model to supporting inner-city entrepreneurship in Omaha and provides updates on a borrowing guide for Native American communities. The newsletter also contains an interview with a Kansas City Fed economist on the role of millennials and boomers in the recovery of the multifamily construction market, as well as other news and events.
This report from the Federal Reserve Board of Governors analyzes results of the Board’s second Survey of Household Economics and Decisionmaking, conducted in October 2014, and compares them with results from the previous year's survey. The survey aims to capture a snapshot of the financial and economic well-being of U.S. households, as well as to monitor their recovery from the Great Recession and identify perceived risks to their financial stability.
The Federal Reserve Board published a new report, Consumers and Mobile Financial Services 2015. This is the fourth Board report on the use of mobile financial services and reports how consumers access their bank’s services using mobile phones (“mobile banking”), how they make payments for goods and services using mobile phones (“mobile payments”), as well as their use of mobile phones to inform their shopping and other financial decisions.