St. Louis Business Journal Highlights HFS Work on Generational Wealth Gaps
A recent blog entry about the Center’s analysis into the gap in generational wealth was featured in the St. Louis Business Journal. In “St. Louis Fed: Wealth gap gets worse for millennials,” reporter Greg Edwards covered a recent On the Economy blog post that looked at the Center’s “Demographics of Wealth” series in light of new findings from the U.S. Census Bureau that current retiree pension income may be underreported. On Aug. 1, Rebecca Corral of KCBS radio in San Francisco also conducted a live interview with Center lead economist William Emmons on the topic.
Emmons, Ricketts Blog Picked Up by Fortune
An article written by the Center’s lead economist, William Emmons, and lead analyst Lowell Ricketts, was featured by Fortune on February 6. In the article that was originally published in the St. Louis Fed’s “On the Economy” blog, Emmons and Ricketts discuss the model they created to answer a hypothetical question: How much wealth would we expect a particular family to have based solely on its education level and race/ethnicity, all else equal?
Washington Post Publishes Boshara Op-Ed
In an op-ed published April 13 in the Washington Post, Center director Ray Boshara discussed research presented at the Center’s “Does College Level the Playing Field?” symposium in May 2016 that shows black college graduates have lost wealth over the past generation. He also presented a series of possible responses.
Ricketts Cited in Wall Street Journal
The Center’s lead analyst, Lowell Ricketts, was featured in the March 30 edition of the Wall Street Journal’s “Heard on the Street” column. The column featured findings from the 4Q 2016 Quarterly Debt Monitor, which highlighted the rise in serious delinquency rates for auto debt.
Emmons Gives Perspective on Household Finances for The Atlantic
For the story, Center Senior Economist William R. Emmons gives his perspective on the state of American household finances. The article highlights a survey from the Federal Reserve Board that shows 47 percent of respondents would have a difficult time finding $400 to pay for an emergency.
February In the Balance featured by CNBC, St. Louis Post-Dispatch, and more
Issue 14 of the Center’s publication In the Balance showcased a new report – The Quarterly Debt Monitor – and received local and national media attention. Read and listen to the coverage on:
HFS Director Talks About Retirement Savers with The Washington Post
Center Director Ray Boshara spoke with The Washington Post about stock market investors and wealth recovery. Read The Washington Post article.
HFS Contributes to Real Estate Report
The Center's Senior Economist, William R. Emmons, gave an interview for St. Louis Magazine’s Real Estate Report. Read the St. Louis Real Estate Report.
HFS Featured on PBS Show "Stay Tuned"
Ray Boshara served on a panel dedicated to discussing household money matters on the PBS St. Louis show, "Stay Tuned." Watch the video.
HFS and Bloomberg Produce Millionaire Probability Video
Bloomberg, working with economist William R. Emmons, specialist Bryan Noeth and analyst Lowell R. Ricketts, have produced a visual representation of a person's probability of becoming a millionaire. The model taps into the center's popular Demographics of Wealth series, which examined how age, education and race separate thrivers from strugglers in today's economy. Read the article and watch the video.
St. Louis Business Journal Discusses HFS Report
Work from William Emmons and Lowell Ricketts was recently showcased in the publication St. Louis Business Journal. Read, "The rich are getting richer faster".
Reuters Highlights Boshara's Work on Baby Roths With the announcement of Mark Zuckerberg donating $45 billion for philanthropic purposes, Reuters poses an idea from Center Director Ray Boshara.
Univision Takes an In-Depth Look at Hispanic Wealth and College Education
William R. Emmons discusses with Univision how demographics factor into levels of wealth after college. Pointing to the St. Louis Fed's Demographics of Wealth series, Emmons highlights how the wealth of Hispanic and black college graduates was reduced more by the Great Recession than was the wealth of white or Asian college graduates. (This article is written in Spanish.)
New York Times Covers Center's Research on Wealth Gap
In November, The New York Times covered the Center's third and final essay in the "Demographics of Wealth" series, specifically pointing to research on the wealth gap between young and old families.
Center Staff Discuss Complications of Wealth Inequality in US
A Wall Street Journal blog discusses wealth inequality between the young and old, among races/ethnicities and among levels of education. The article highlights the Center's work on the "Demographics of Wealth" series.
Boshara Addresses College Grads' Economic Outcomes to Catholic Charities USA Crowd
The National Catholic Reporter covered Center Director Ray Boshara's remarks at the charity's annual conference in Omaha, Neb.
Emmons Discusses Wealth Struggle of Young, Black, Latino and Undereducated
Referencing data from 1989 to 2013, William R. Emmons, the Center's senior economic adviser, points to disparities when it comes to building wealth in the U.S.
Indiana Public Radio Discusses Demographics of Wealth Essay Series
Indiana's WNIN public radio discussed the findings of and local implications from the Center for Household Financial Stability's "Demographics of Wealth" essay series. William R. Emmons and Bryan Noeth, co-authors of the essay series, joined the conversation.
Boshara Discusses Broad Implications of Wealth
Ray Boshara, director of the Center for Household Financial Stability, discusses how wealth accumulation can broadly affect not only a person's family but the community as a whole.
New York Times, Other Media Outlets Cover August's In the Balance
Issue 12 of the Center’s publication In the Balance was featured in local and national media, including Bloomberg TV, CBS MoneyWatch, CNN.com, CNN TV, Inside Higher Ed, Investor’s Business Daily, Latina, Marketplace (American Public Media), MarketWatch, National Journal, The New York Times, NPR, Quartz, St. Louis Business Journal, TheStreet.com, U.S. News & World Report and The Washington Post. This issue of the publication explored how college degrees protected (or did not protect) household wealth across race and ethnicity.
Part Three of "Demographics of Wealth" Essay Series Receives Coverage in Local and National News
The third essay in the Center's "Demographics of Wealth" essay series, which looked at the role age plays in families' ability to build wealth, was featured in Bloomberg, Business Insider, Esquire and Elle magazines, the Financial Post, the Kansas City Business Journal, The Kansas City Star, the St. Louis Business Journal, the St. Louis Post-Dispatch, Money Magazine, U.S. News and World Report, The Wall Street Journal's Grand Central newsletter, The Washington Post, The Washington Post's Wonkblog and WonkWire. In the essay, the authors found that, although there may be downsides to old age, those 62 and older can take heart in knowing that the odds are in favor of their being wealthier than younger people. And the gap has widened considerably over the past quarter-century—in favor of old people.
Various News Outlets Cover Center's Analysis
Over the summer, the Center's analysis received coverage from several local and national news outlets, including CNN.com, More Magazine, the News of Orange County, The Seattle Times and the St. Louis Post-Dispatch.
"Demographics of Wealth" Define Middle Class
Research from the Center for Household Financial Stability's "Demographics of Wealth" essay series was used to define the middle class in a CNN Money article. The article defined the middle class as a makeup of people who generally fit some combination of the three demographic characteristics studied in the essay series: age, education and race.
Part Two of "Demographics of Wealth" Essay Series Receives Coverage in Local and National News
The second essay in the Center's "Demographics of Wealth" essay series, which looked at the role education plays in families' ability to build wealth, was featured in over 20 news outlets, including Bloomberg News, Bloomberg Radio's Taking Stock, CNBC, the National Journal, St. Louis Public Radio, The Wall Street Journal, and The Washington Post. In the essay, the authors found that education and wealth are highly correlated, but correlation does not mean causation because several other factors that predict greater educational attainment are at play, including native ability, family background and even better health.
April’s In the Balance Receives Coverage in Local and National News
The April 2015 issue of In the Balance, which compared two methods of measuring the financial health of the middle class, was featured in over 20 publications including Bloomberg View, CBS MoneyWatch, Los Angeles Times, The New York Times, Quartz, St. Louis Post-Dispatch, TIME Magazine and The Wall Street Journal. The authors believe that the method most often used by economists—using the median income or wealth level—can be ambiguous and even misleading. Instead, they recommend using a demographics based definition—age, educational attainment and race or ethnicity. Using this method, the authors found that the middle class may be hurting financially more than most people realize.
Part One of "Demographics of Wealth" Essay Series Receives Coverage in Local and National News
The first essay of the Center’s “Demographics of Wealth” essay series, which examined the effect of race on families’ wealth levels, was featured in Bloomberg News, Bloomberg View, CCTV, CNBC, CNNMoney, KMOV-TV, KMOX-AM, NBC News, Quartz.com, Pacific Standard, Slate Magazine, St. Louis Business Journal, The Independent Voter Network, The Kansas City Star, The Las Vegas Review-Journal, The Seattle Times, The St. Louis American, The Wall Street Journal and WNEW-FM. Additionally, the Bloomberg View and CNNMoney pieces were picked up by more than 50 other news outlets nationwide. In the essay, the authors found that disparities in wealth across race and ethnicity have remained largely unchanged over the last quarter-century with the exception of Asian-Americans who have made great strides in increasing their wealth and income levels and are on track to surpass whites’ levels in the near future.
Boshara Speaks to Ferguson Commission on Economic Inequality
The sixth meeting of the Ferguson Commission was held on Feb. 23, 2015, with a focus on the economic inequity in the region. Ray Boshara, director of the Center for Household Financial Stability, discussed the disparities in income and wealth by age, race and education nationwide. View his slides here. Other speakers noted that St. Louis ranks 42nd out of 50 metropolitan areas for economic mobility. Coverage of the meeting was featured in the St. Louis Post-Dispatch, the St. Louis Business Journal, and on KTRS-AM Radio.
Emmons Discusses Homeownership Decline
William Emmons, senior economic adviser at the Center for Household Financial Stability, discussed the current decline in homeownership and its expected rise to past peak levels in a St. Louis Post-Dispatch article published on February 10, 2015.
Wall Street Journal Interviews Cynamon about Two-Tier Economy
Barry Cynamon, a visiting scholar at the Federal Reserve Bank of St. Louis, and Steven Fazzari, professor of economics at Washington University in St. Louis, were included in a Wall Street Journal article looking at the advance of wealthy households and how they are reshaping housing, clothing, beer and other markets. They said the 2009-2012 spending rebound following the Great Recession was largely driven by the wealthiest 5 percent of U.S. households, because spending by all others fell 1 percent per household during the same time period.
Cynamon Discusses Income Inequality in Salon Q&A
Barry Cynamon, a visiting scholar at the Federal Reserve Bank of St. Louis, and Steven Fazzari, professor of economics at Washington University in St. Louis, participated in a Q&A for Salon on how the Great Recession and its effects are linked to income inequality, and what implications this will have on the United States.
Bloomberg Businessweek Interviews Emmons about Older Americans’ Growing Wealth
Bloomberg Businessweek interviewed William Emmons, senior economic adviser at the Center for Household Financial Stability, for a story about wealth concentration among older Americans. Emmons discussed the likelihood of this trend continuing as the country further recovers from the latest recession.
Center Staff Publish Washington Post Op-ed
The director and senior economic adviser for the Center for Household Financial Stability co-authored an op-ed in The Washington Post on Dec. 31, 2014. The authors examined the Federal Reserve's recent Survey of Consumer Finances on the wealth and income of African American (and other) families and concluded that, with well-designed economic interventions and some vision among leaders, more financially fragile Americans could thrive.
St. Louis Business Journal Interviews Noeth about Student Debt
The St. Louis Business Journal interviewed Bryan Noeth, a policy analyst at the Center for Household Financial Stability, for a story about rising student debt in the United States and the St. Louis area. Noeth discussed key factors that have contributed to the increase and why individuals in the St. Louis area appear to have larger amounts of student debt than those in other regions.
October's In the Balance Receives Coverage in Local and National News
The October 2014 issue of In the Balance, which discussed the Center's "financial health scorecard," a new tool the Center created to evaluate Americans’ financial health, was featured in Business Management Daily, ConsumerAffairs, WDRB-TV, the National Journal, the St. Louis Business Journal, The Meridian Star, and TIME Magazine. The authors found that good financial health is highly correlated with the accumulation of wealth, and that, surprisingly, educational attainment was not as strongly associated with financial health and wealth as age or race and ethnicity.
Boshara Discusses Child Well-Being on PBS
Ray Boshara, director of the Center for Household Financial Stability, participated in a panel discussion on Child Well-Being on the show "Stay Tuned" on Nine Network of St. Louis (PBS), following a Washington University symposium hosted by the Center.
Bloomberg Interviews Emmons about the Silent Generation
Bloomberg interviewed William Emmons, senior economic adviser at the Center for Household Financial Stability, for a story about the financial situation of the so-called "Silent Generation" (those born between 1925 and 1942) and their impact on the economy.
Boshara Discusses Bank Accounts and Household Financial Stability with the St. Louis Post-Dispatch
Ray Boshara, director of the Center for Household Financial Stability, explained to the St. Louis Post Dispatch the role of bank accounts in financially stable households.
St. Louis Business Journal Features Center Analysis
The St. Louis Business Journal published an article about homeownership among younger families, including analysis by Bryan Noeth, policy analyst at the Center for Household Financial Stability.
Center Staff Discuss 2013 Survey of Consumer Finances in the News
The Center staff's comments on the results of the Federal Reserve Board's 2013 Survey of Consumer Finances were featured in The Atlanta Journal-Constitution, the National Journal and the St. Louis Business Journal.
Media Coverage Highlights June's In the Balance
The June issue of In the Balance, which examined household wealth trends for Hispanics, was featured in Bloomberg News, the Latin Times, the National Journal, St. Louis Business Journal and The Washington Post. The authors in the latest issue conclude that the Hispanic population’s share of wealth in the United States will likely grow to an all-time high within 10 years.
Times Interviews Emmons About Consumer Spending
The International Business Times interviewed William Emmons, senior economic adviser at the Center for Household Financial Stability, for a story about consumer spending’s impact on economic growth. The article was published on June 27, 2014.
Los Angeles Times
Interviews Emmons About Consumer Behavior
The Los Angeles Times interviewed William Emmons, senior economic adviser at the Center for Household Financial Stability, for a story about how Americans save and spend now compared to their behavior before the recession. The article was published on June 27, 2014.
Bloomberg Businessweek Interviews Emmons About Outlook for Millennials
Bloomberg Businessweek interviewed William Emmons, senior economic adviser at the Center for Household Financial Stability, for a story about the economic outlook for those in their early 20s. Emmons said he is optimistic about the prospects for that demographic. The article was published on June 26, 2014.
McClatchy Interviews Boshara About Prize-Linked Accounts
McClatchy DC interviewed Ray Boshara, director at the Center for Household Financial Stability, about the risks and benefits of prize-linked savings accounts, which offer customers the opportunity to win money every time they make a deposit. The article was published on June 26, 2014.
Bloomberg Features Center’s Analysis of Generation X’s Net Worth
News wire Bloomberg on June 9, 2014, included analysis from the Center for Household Financial Stability in an article about the trailing wealth of Generation X and how that may affect those adults’ retirement prospects. The article quoted the Center’s senior economic adviser, Bill Emmons, who explained the reasons why that generation is lagging behind others. read the article »
Recent Research Symposium Receives Media Attention
Multiple media outlets featured content from a recent symposium titled, "The Balance Sheets of Younger Americans: Is the American Dream at Risk?" Bloomberg, The Deseret News, NPR, KMOX NewsRadio, KWMU-FM and The Wall Street Journal included coverage of the May 8-9, 2014 event or related topics.
Bloomberg Radio Covers In the Balance
Bloomberg Radio host Pimm Fox discussed household wealth recovery across age groups with the Center for Household Financial Stability's William Emmons and Ray Boshara. The interview, part of "The Hays Advantage" show, aired March 31, 2014.
Boston College Blog Features Center's Analysis
The Squared Away Blog, published by the Center for Retirement Research at Boston College, interviewed the director and chief economic adviser of the Center for Household Financial Stability for a blog post on March 27, 2014. The post covered the Center's analysis of wealth recovery across demographically defined groups.
Reuters Interviews Emmons About Household Debt
In a Reuters article published March 18, 2014, William Emmons, senior economic adviser at the Center for Household Financial Stability, talked about debt among groups that are economically vulnerable and financially fragile, including younger, less-educated and minority families.
Emmons Interviewed for WSJ Story on Household Wealth
In a story published on March 7, 2014, in The Wall Street Journal, William Emmons, senior economic adviser at the Center for Household Financial Stability, discusses the inequality of wealth gains that people across the country are experiencing, as much of the surge in wealth is going to older Americans and affluent Americans.
Reuters Talks with Boshara about Child Savings Accounts
News wire Reuters on March 6, 2014, published a story about new federal legislation that would create Roth accounts for youth savings. In the story, Ray Boshara, the director of the Center for Financial Stability who developed ideas for youth savings accounts in his previous role as vice president at the New America Foundation, discussed previous efforts in the child savings field, as well as the benefits of saving from a young age.
Media Coverage Highlights In the Balance
The February issue of In the Balance, which examined the lag in recovery of young families’ balance sheets, was featured in The Washington Post, the St. Louis Business Journal, KWMU-FM, Bloomberg, the St. Louis Post-Dispatch and the Chicago Tribune.
Emmons Discusses Homeownership on St. Louis PBS Show
William Emmons, senior economic adviser at the Center for Household Financial Stability, appeared Feb. 27, 2014, on "Stay Tuned" on St. Louis' local PBS station. Emmons and the show's other St. Louis-area guests discussed homeownership. watch the video »
Inequality Paper in the News:
Several local and national media outlets have mentioned a paper released last week by Barry Z. Cynamon, visiting scholar at the Center for Household Financial Stability, and co-author Steven M. Fazzari of Washington University in St. Louis. The paper, titled "Inequality, the Great Recession and Slow Recovery," was mentioned in The Washington Post in an article published on Jan. 24, 2014, in the New Republic on Jan. 27, 2014, in The New York Times and St. Louis Post-Dispatch on Feb. 2, 2014, and in The Atlanta Journal-Constitution and Business Insider on Feb. 3, 2014.
Media Coverage Highlights Center Publication
The St. Louis Business Journal and Time Magazine on Dec. 19 and 20, 2013, covered the December 2013 issue of In the Balance, which focused on the uneven wealth recovery across families and geographies.
"Balancing a College Major, College Choice and Student Debt"
In an op-ed published in the St. Louis Post-Dispatch on Dec. 5, 2013, Bryan Noeth, policy analyst at the Center for Household Financial Stability, wrote about the rising level of student debt in the St. Louis region and the nation. He explained some of the solutions and alternatives that participants discussed at the Center's Nov. 18, 2013, symposium on student loans.
Recent Student Loan Symposium Receives Media Attention
Multiple media outlets featured coverage of the recent symposium, "Generation Debt: The Promise, Perils and Future of Student Loans." American Banker, The Current, The Huffington Post, KWMU-FM radio's "St. Louis on the Air" program, www.MainStreet.com and the St. Louis Post-Dispatch included coverage of this timely event, which explored the reality and future of student loans in the St. Louis region and in the U.S. The St. Louis Beacon also featured an article about the symposium on Nov. 18, 2013, and a separate, related article on Nov. 26, 2013. view symposium materials and videos »
Media Coverage Highlights Paper on the Status of Older Americans
A new working paper by Senior Economic Adviser William Emmons and Policy Analyst Bryan Noeth, both at the Center for Household Financial Stability, has received media coverage from a variety of sources. The paper, "The Economic and Financial Status of Older Americans," discusses how today's seniors—who were born before the end of WWII—were protected from some of the losses incurred during the recent recession. This cohort entered the job market during the booming post-war economy and advanced in their careers as wages, stocks and houses all grew in value. While this older generation may, in fact, have been "born at the right time," they also rely more heavily on more stable sources of income, such as Social Security and pension wealth. Multiple media outlets covered this paper including: NBC News on Oct. 28, 2013; the St. Louis Post-Dispatch on Nov. 5, 2013; the St. Louis Beacon on Nov. 6, 2013; Time magazine on Nov. 6, 2013; and The Columbus Dispatch on Nov. 6, 2013.
"The 5-year Mark: Stock Market is Booming, but Most Households Have Not Regained Lost Wealth"
In an article published in the St. Louis Beacon on Sept. 19, 2013, Ray Boshara, director of the Center for Household Financial Stability, explained the uneven economic recovery among U.S. households. He also described the household balance-sheet failures that contributed to the financial crisis and economic downturn.
"Home Finance Write-offs Drop 20 Percent"
In a HousingWire article published Aug. 29, 2013, William Emmons, senior economic adviser for the Center for Household Financial Stability, discussed mortgage debt in terms of economic recovery. He said that mortgage debt is still elevated, deleveraging is still happening and it could be a while before the overall debt-to-income ratio returns to a normal level. He also added that the direction in which the trend swings, and how quickly it swings that direction, ultimately depends on how the economy performs.
"Low-Income Folks Should Build Wealth, Then Buy a Home"
Ray Boshara, director of the Center for Household Financial Stability, was part of a recent episode of the radio show Marketplace Money. The episode aired from Aug. 23-25, 2013 in media markets across the country.
"Middle Class Asks: Should We Buy Our Homes?"
In a Marketplace radio news story that aired Aug. 5, 2013, Ray Boshara, director of the St. Louis Fed's Center for Household Financial Stability, talked about household wealth recovery, whether homeownership is right for middle-class families, and why it is important for families to diversify their assets.
"How Our Debt Slows Down Louisville's Economy"
In the Louisville Courier-Journal's "Better Life" series, columnist Jere Downs interviewed Ray Boshara and covered his presentation, "Great Expectations: The Rise, Fall and Future of Family Balance Sheets," held July 17, 2013, in Louisville. Boshara discussed recent Center analysis that found American households recovered only about two-thirds of the wealth they lost during the last recession, leaving them without the confidence or spending power to fuel a robust economic recovery. He also addressed why some families are recovering faster than others, and why the financial health of every family matters for both economic mobility and for our nation's economy.
Widespread Media Coverage Highlights Essay on Rebuilding Family Balance Sheets and the Economy
Multiple local and national media outlets featured coverage of the St. Louis Fed's 2012 annual report essay, "After the Fall: Rebuilding Family Balance Sheets, Rebuilding the Economy," published May 30, 2013. more on the media coverage »
"Homeownership: The Right Choice for Low-Income Families?"
In a Marketplace Money radio news story that aired April 12, 2013, St. Louis Fed senior adviser Ray Boshara talked about the reasons homeownership can benefit low-income families, but cautioned that they should strike a healthy balance with their investments and not rely solely on their homes. more about the interview »
Bloomberg Radio Visits the St. Louis Fed
During an interview on "The Hays Advantage," which was broadcast live from the St. Louis Fed on April 3, 2013, Ray Boshara and William Emmons discussed their research on household balance sheets and why they matter for helping families move forward and for the broader economy. St. Louis Fed President James Bullard and Research Director Chris Waller were also interviewed. listen to the interviews »
American Public Media's Marketplace Interviews St. Louis Fed's Boshara
In a national Marketplace radio news story on homeownership for low-income families, St. Louis Fed senior adviser Ray Boshara talked with Tracey Samuelson about the benefits of homeownership, but emphasized the need for families to diversify their assets. The show aired March 22, 2013. more about the interview »
"Consumers Took a Beating in the Great Recession" by David Nicklaus, St. Louis Post-Dispatch, Feb. 10, 2013.
Media Coverage Highlights Recent Household Financial Stability Symposium
Multiple media outlets featured coverage of the St. Louis Fed's recent research symposium, "Restoring Household Financial Stability after the Great Recession: Why Household Balance Sheets Matter." In an interview on KWMU-FM radio's "St. Louis on the Air" program which aired February 4, 2013, Senior Advisor and Policy Officer Ray Boshara and Assistant Vice President Bill Emmons talked about the Bank's Household Financial Stability initiative. more media coverage of the event » more about the interview »
"Weak Household Finances Help Explain the Still-struggling U.S. Economy, say Fed Economists" by Mary Delach Leonard, St. Louis Beacon, Feb. 4, 2013.
"Bank Accounts Key to Helping Needy Families" by Lisa Brown, St. Louis Post-Dispatch, Oct. 28, 2012.
St. Louis Post-Dispatch Guest Commentary: Hitting a Financial Home Run
In a guest commentary published in the Sept. 17, 2012, edition of the St. Louis Post-Dispatch, HFS senior adviser Ray Boshara discusses some of the ramifications of the Federal Deposit Insurance Corp.'s 2011 national survey of "unbanked" and "underbanked."
"Many in St. Louis are Trapped in the 'Unbanked' Economy" by Lisa Brown, St. Louis Post-Dispatch, Sept. 13, 2012.
"Struggling Households Target of New Fed Research Effort" by Lisa Brown, St. Louis Post-Dispatch, July 22, 2012.
"Savings Accounts at Your Local Post Office? Princeton Professor Suggests Return to America's Past" by Mary Delach Leonard, St. Louis Beacon, April 23, 2012.