A Wealthless Recovery? Asset Ownership and the Uneven Recovery from the Great Recession

Dettling, Lisa; Hsu, Joanne W.; Llanes, Elizabeth

doi:10.17016/2380-7172.2249

Cited by 5 publications

(3 citation statements)

References 5 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Such scars were a major consequence of the Great Recession, which (together with the global financial crisis) resulted in deeply weakened household balance sheets for many years. For example, Dettling, Hsu, and Llanes (2018) show that in 2016 wealth for working-age families in the lower 60 percent of the income distribution was still more than 30 percent below the average in 2007. Weak household finances can impair individual household welfare and economic mobility through a variety of channels (Dynan and Wozniak 2021).…”

Section: Concluding Discussionmentioning

confidence: 99%

Economic Impact Payments and Household Spending during the Pandemic

Parker¹,

Schild²,

Erhard³

et al. 2022

eca

View full text Add to dashboard Cite

Households spent only a small fraction of their 2020 Economic Impact Payments (EIPs) within a month or two of arrival, consistent with pandemic constraints on spending, other pandemic programs and social insurance, and the broader disbursement of the EIPs compared to the economic losses during the early stages of the pandemic. While these EIPs did not fill an urgent economic need for most households, the first round of EIPs did provide timely pandemic insurance to some households that were more exposed to the economic losses from the pandemic. Households with lower liquid wealth entering the pandemic and those less able to earn while working from home raised consumption more following receipt of their EIP. While our measurement for later EIPs is not as reliable, our estimates suggest even less spending on average to the second and third rounds of EIPs. Our point estimates imply less short-term spending on average than in response to economic stimulus payments in 2001 or 2008. While our analysis lacks the power to measure longerterm spending effects, the lack of short-term spending contributed to strong household balance sheets as the direct economic effects of the pandemic on households waned.

show abstract

Section: Concluding Discussionmentioning

confidence: 99%

Economic Impact Payments and Household Spending during the Pandemic

Parker¹,

Schild²,

Erhard³

et al. 2022

eca

View full text Add to dashboard Cite

show abstract

“…Dettling, Hsu, and Llanes (2018) provide further detail on wealth accumulation trends between 2007 and 2016. Considering components of wealth, Millennials had more debt than similarly aged people in 1989 but have about the same level as the 2001 cohort.…”

mentioning

confidence: 99%

Changing Wealth Accumulation Patterns: Evidence and Determinants

Gale

Harris

2020

SSRN Journal

View full text Add to dashboard Cite

“…Fry (2017a). The Baby Boomers are generally considered to include those born between 1946 and 1964.14 Fry, Igielnik, and Patten (2018).15 Dettling, Hsu, and Llanes (2018) provide further detail on wealth accumulation trends between 2007 and 2016.…”

mentioning

confidence: 99%

How Will Retirement Saving Change By 2050? Prospects for the Millennial Generation

2018

View full text Add to dashboard Cite

We consider prospects for retirement saving for members of the millennial generation, who will be between ages 54 and 69 in 2050. Adequacy of retirement saving preparation among current and near-retirees is marked by significant heterogeneity, a characteristic that will likely hold for Millennials as well. In preparing for retirement, Millennials will have several advantages relative to previous generations, such as more education, longer working lives, and more flexible work arrangements, but also several disadvantages, including having to take more responsibility for their own retirement plans and marrying and bearing children at later ages. The millennial generation contains a significantly higher percentage of minorities than previous generations. We find that minority households have tended to accumulate less wealth than whites in the past, even after controlling for income, education, and marital status, and the difference appears to be growing over time for black households relative to whites. Whether these trends persist is central to understanding how the Millennials will fare in retirement.

show abstract

A Wealthless Recovery? Asset Ownership and the Uneven Recovery from the Great Recession

Cited by 5 publications

References 5 publications

Economic Impact Payments and Household Spending during the Pandemic

Economic Impact Payments and Household Spending during the Pandemic

Changing Wealth Accumulation Patterns: Evidence and Determinants

How Will Retirement Saving Change By 2050? Prospects for the Millennial Generation

Contact Info

Product

Resources

About