Yahoo! Finance, July 28, 2023, Missing Out on the Generational Wealth Transfer: Nearly Half of Americans Don’t Expect To Inherit Anything
A study published in 2019 by the Fed Board found that the median wealth families can expect from a generational transfer varied by race and ethnicity, prompting the phrase, “racial wealth gap.” Most minority families, specifically Black and Hispanic families according to the study, aren’t expecting a wealth transfer because of it.
Kevin L. Matthews II, the founder of BuildingBread, a wealth education company, also isn’t surprised that it was mostly those identifying as female between the ages of 35-64 that responded this way. The women’s pay gap isn’t new, but it’s even more impactful when it comes to building generational wealth.