College is Not Enough: Higher Education Does Not Eliminate Racial and Ethnic Wealth Gaps
34 Pages Posted: 16 Feb 2017 Last revised: 15 Oct 2019
Date Written: 2017
Differences in college and post-graduate degree attainment alone explain less than half of Black-White and Hispanic-White wealth gaps in a standard wealth regression. Differences in family structure and measures of luck such as income windfalls and inheritances explain even less. Measures of financial decisionmaking, such as the share of housing in total assets and debt ratios, are much more important.
JEL Classification: D31, D63, I24, J15
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