Special Publications: The Color of Wealth in Los Angeles

Thursday, March 17, 2016
Federal Reserve Bank of San Francisco

The rapid growth of asset poverty in the United States is a troublesome sign that millions of families nationwide lack the resources necessary to secure a more stable financial future. These include the resources that would provide a financial reserve in periods of uncertainty (e.g, job loss, illness, etc.), enable a home purchase, assure quality secondary education for children, and insure retirement income. In addition, many families are challenged to earn sufficient income to afford basic needs like housing, food, transportation, and medical care. Wealth is iterative; it allows families to make investments in homes, education, child well-being, and business development, thereby offering better opportunities for future generations.

Read more: http://www.frbsf.org/community-development/publications/special/the-color-of-wealth-in-los-angeles/