The Rising Age Gap in Economic Well-Being
Households headed by older adults have made dramatic gains relative to those headed by younger adults in their economic well-being over the past quarter of a century.
Richard Fry, Ph.D. is a Senior Research Associate at the Pew Hispanic Center.
He has recognized expertise in the analysis of U.S. education and demographic data sets and has published more than 35 articles and monographs on the characteristics of U.S. racial, ethnic and immigrant populations. Before joining the Pew Hispanic Center in 2001, he was a senior economist at the Educational Testing Service (ETS).
Households headed by older adults have made dramatic gains relative to those headed by younger adults in their economic well-being over the past quarter of a century.
The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to a Pew Research Center analysis of newly available government data from 2009.
Cohabitation is an increasingly prevalent lifestyle in the United States. The share of 30- to 44-year-olds living as unmarried couples has more than doubled since the mid-1990s. Adults with lower levels of education—without college degrees—are twice as likely to cohabit as those with college degrees.
Graduates who received a bachelor’s degree in 2008 borrowed 50% more than their counterparts who graduated in 1996, while graduates who earned an associate’s degree or undergraduate certificate in 2008 borrowed more than twice what their counterparts in 1996 had borrowed.
In a reversal of long-standing marital patterns, college-educated young adults are more likely than young adults lacking a bachelor’s degree to have married by the age of 30.
The recession-era boom in the size of freshman classes at four-year colleges, community colleges and trade schools has been driven largely by a sharp increase in minority student enrollment.
In the past, when relatively few wives worked, marriage enhanced the economic status of women more than that of men. Recently, however, the economic gains associated with marriage have been greater for men.