Union households tend to have $100k more in wealth than nonunion families
Submitted 1 year ago by bot@lemmy.smeargle.fans [bot] to hackernews@lemmy.smeargle.fans
https://www.businessinsider.com/union-households-pay-bump-median-wealth-fewer-race-gaps-2024-3
autotldr@lemmings.world [bot] 1 year ago
This is the best summary I could come up with:
The Center for American Progress, a left-leaning think tank, looked at just how much better union workers are faring.
By analyzing the Federal Reserve’s Survey of Consumer Finances, CAP found that in 2022, union households held $338,482 in median wealth.
Being in a union also substantially chips away at racial and educational wealth gaps, per CAP’s analysis.
Unions particularly pay off for workers without a high school degree and again seem to be bridging educational wealth gaps, per the data.
Research has previously found that union membership could lead to over a million dollars more in lifetime earnings.
The researcher VanHeuvelen previously told BI that the decline in union membership would be like if the wage premium for going to college disappeared.
The original article contains 514 words, the summary contains 122 words. Saved 76%. I’m a bot and I’m open source!