The New Wealth Agenda’s goal for households of color and low-wealth households by 2050 requires continued public action, policy support, and private-sector leadership;
Join Aspen Institute Financial Security Program leaders Katherine McKay and Stephen Brown who will address this issue at a virtual media briefing at 1 p.m. ET/10 a.m. PST. Register Here
Contact: Lizette Olmos Godfrey
Media Relations
The Aspen Institute
lizette.olmosgodfrey@aspeninstitute.org
Washington, D.C. – The Aspen Institute Financial Security Program (Aspen FSP) has released a new report, The New Wealth Agenda Progress Report, highlighting both progress and ongoing disparities in U.S. household wealth since the pandemic. The report emphasizes that while recent policy responses and economic conditions have driven significant gains, substantial disparities persist, particularly for households of color and those with lower wealth.
Key Findings:
• The pandemic-era policies and favorable economic conditions led to substantial financial gains for many households. However, these gains were not evenly distributed.
• Homeowners saw a significant increase in median wealth, rising by $101,000 from 2019 to 2022. In contrast, renters’ median wealth increased by only $3,100 during the same period.
• The wealth gap between white and Black households decreased in percentage terms but remains substantial. Median white household wealth was 8 times greater than median Black household wealth in 2019, falling to 6.5 times greater in 2022. Similarly, median white household wealth was 5.2 times greater than median Hispanic/Latino household wealth in 2019, dropping to 4.6 times greater in 2022.
“In 2023, The New Wealth Agenda called on national leaders to commit to a bold objective: increasing the wealth of households of color and those in the bottom half of the wealth distribution tenfold by 2050,” said Katherine Lucas McKay, Associate Director, Insights and Evidence, Financial Security Program. “Between 2019 and 2022, households across the board saw historic growth in net worth, which is commendable,” McKay added. “However, the data also highlights that these gains are not uniformly distributed and may not be sustainable without further action from both public and private sector leaders.”
At the time The New Wealth Agenda was released, FSP identified 8 objectives that, if collectively achieved, could fulfill this vision, and also established indicators related to households’ spending, saving, assets, and debts to track progress along the way. Now, one year later, they dug into the most recent data–notably, the 2022 Survey of Consumer Finances–to chart changes and more precisely understand how households are doing financially.
Steven Brown, Director of Insights and Evidence, Financial Security Program, added, “This report is just the beginning. We need leaders to help close this racial wealth gap. Americans are struggling, and it is time to address this urgent issue collectively.”
Register on Zoom for a virtual media briefing with FSP leadership Katherine McKay and Steven Brown on Thursday, September 19 at 1 p.m. (EST) / 10 a.m. (PST), for an in-depth discussion on the report’s findings and implications.
For more insights and the full report, visit the Financial Security Program. Media representatives interested in conducting interviews should contact Lizette Olmos Godfrey at lizette.olmosgodfrey@aspeninstitute.org.
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The Aspen Institute Financial Security Program’s (Aspen FSP) mission is to illuminate and solve the most critical financial challenges facing American households and to make financial security for all a top national priority. We aim for nothing less than a more inclusive economy with reduced wealth inequality and shared prosperity. Learn more at www.aspeninstitute.org/programs/financial-security-program/
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