Rachel Louise Ensign
speaker
574 appearances
12 recordings
1 series
first heard Jan 2018
last heard Jan 2024
Rachel Louise Ensign’s voice in public audio — every appearance, attributed to the second.
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Appearances
So that's an enormous amount of money.
But for black families, only about a third of black families help their children out financially with college.
And the average amount that they were able to give them was just $16,000.
So you can see how dramatically different those two situations are.
And the journal's analysis of census data show that incomes are also a significant factor in the fact that Black millennial net worth is so much lower than other groups.
And in particular, Black graduates' household incomes have grown more slowly than those of college graduates in general.
The fact that black millennial wealth right now is so much lower than other groups, it means that it's going to be very, very difficult for them to catch up.
And you just think about when you're in your 30s, it's kind of a critical time for building wealth.
Other millennials, this was in a study that came out a few months ago, but broadly, you know, millennials were a little behind.
They got a slow start and had debt and didn't really buy homes as much.
But broadly as a group, you know, millennials and white millennials in particular are catching up very fast and doing all these things.
milestone things in their 30s, like buying homes and investing in stocks and putting a bunch of money into their retirement plans.
But black millennials seem like they face a lot of obstacles to doing this.
And at some point, you know, you're in your 40s and that's difficult to really catch up.
Yeah, certainly.
I mean, there are a lot of black millennials who don't follow this trend, you know, who have used education as a way to build a lot of wealth and to really build a level of wealth that's very different than their parents.
But what I would say, there's also a lot of college graduates for whom it's pretty complicated.
And it's not that they regret going to college or having the career choices that college offers.
It's just that it came with this financial burden that they weren't really expecting that makes the financial payoff of a degree in a professional life not really what they had thought it would be.
So college debt, you think about someone's net worth, it's basically just their personal balance sheet.
Showing 341–360 of 574 · page 18 of 29
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