Recent Trends in Wealth Ownership, from 1983 to 1998

Abstract

Various issues addressing whether the financial assets of Americans have increased, racial differences between households have affected asset accumulation, & the wealth accumulation of families in different classes have actually fallen during the 1990s are examined. Data from the 1983, 1989, 1992, 1995, & 1998 Surveys of Consumer Finances was analyzed to address the aforementioned issues. Several findings are reported: whereas the wealthiest segment of the population has experienced significant gains in assets since 1983, middle-class families have seen very small increases; although wealth inequality has risen during the 1990s, it has happened at a slower pace than during the 1980s; the disproportionate ratio of African American families' mean wealth in relation to Anglo American families has remained relatively stable; financial savings for middle-class families decreased during the 1990s; & the median financial wealth for Latino American families remained unchanged between 1983 & 1998. Additional results that compare the findings from this study with those reached in other similar analyses are reported. It is concluded that designing policy that encourages asset ownership could facilitate poor families' achievement of financial well-being. 15 Tables, 27 References. J. W. Parker