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One of the key learnings we took away from a decade of research on millennials is to be wary of broad generalizations of this group of over 80 million individuals. Insights that push past “avocado toast” headlines are valuable and much needed to understand the nuances of this broad group.
New data analyzed by the Federal Reserve Bank of St. Louis does just that. It found that while some millennials’ finances have increased in recent years, others have fallen further behind what previous generations had in wealth at the same age.
One segment that fell further behind? Black millennials. Wealth building comes in many forms — entrepreneurship, investing, homeownership, career growth — and Black Americans face institutional racism in every area. The Federal Reserve’s data showed that they didn’t just fall further behind white millennials in building wealth for themselves and their families; Black millennials are also falling further behind what previous Black generations amassed in wealth.
Read the full report for more insights and data analysis.
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| Want to help increase the visibility of Asian Americans and Pacific Islanders, such as poet, educator and environmental activist Kathy Jetñil-Kijiner, on Wikipedia? Join the Smithsonian’s #BecauseOfHerStory Wikipedia edit-a-thon on May 18. Beginners are welcome! |
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| The Truth Behind Five ESG Myths |
| While environmental, social and governance (ESG) investing continues to gain rapid momentum, 33% of professional investors the CFA Institute surveyed feel they have insufficient knowledge for considering ESG issues. To help all investors understand this growing trend, see this fact check on five common ESG myths. |
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| Millennial Philanthropy May Forever Change Finance |
| A Fidelity survey found that 43% of millennials who gave more than $1,000 to charity the previous year also engaged in impact investing. This is yet another data point showing that millennials are reshaping how we think about philanthropy and change-making. For a deep dive, check out highlights from our 10+ years of research into millennials and their attitudes toward social change. |
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| INCLUSIVE ENTREPRENEURSHIP |
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| The New C-Suite |
| digitalundivided and Cosmopolitan have partnered up to recognize, support and celebrate women of color entrepreneurs! The New C-Suite is a top 10 honorary list of game-changing women of color entrepreneurs. Applications are open until June 4th. |
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| Black Women Are More Likely to Start a Business than White Men |
| An impressive 17% of Black women are starting or running new businesses (compared to 10% of white women and 15% of white men). Yet despite this early lead, only 3% of Black women are running mature businesses. Harvard Business Review analyzes why this steep drop-off occurs and how to combat it. |
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| Why Investors Should Block Out The Noise |
| Patrick Jenkins, Deputy Editor of the Financial Times, writes that higher rewards could await those who put long-termism and sustainability ahead of short-term gains. |
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| Without Clear Standards, ESG Funds Remain ‘Buyer Beware’ |
| Right now, it’s up to the investor to scour the data to see if a fund has really earned the ESG label. We need clear, consistent systems that inject more transparency, measurement, and standards into this rapidly growing movement. |
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