Brief U.S. Asset Poverty and the Great Recession
Caroline Ratcliffe, Sisi Zhang
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How has family economic security, as measured by the net worth asset-poverty rate, changed since the onset of the Great Recession? Data from the 2007 and 2010 Survey of Consumer Finances show that one out of every five U.S. families (19.6 percent) was asset poor in 2010, up from 16.1 percent in 2007, which represents over 4 million additional asset-poor families in 2010. The Great Recessions impact was widespread, the asset-poverty rate increased across the income spectrum, and increased for both white and minority families. Mid-aged families experienced relatively large increases in asset poverty.
Research Areas Economic mobility and inequality Wealth and financial well-being Social safety net Race and equity
Tags Low-Income Home Energy Assistance Program (LIHEAP) Asset and debts Racial and ethnic disparities Income and wealth distribution Racial barriers to accessing the safety net Racial inequities in economic mobility Racial wealth gap Financial stability