Black and Hispanic households consistently maintained lower median cash balances than their white and Asian counterparts during and post-pandemic, according to a new JPMorgan & Chase Co. comprehensive Household Pulse study.
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The study underscored that the imbalances are not merely numerical; they also reflect the broader dynamics of the American socioeconomic fabric. Despite reports of higher income growth for Black and Hispanic individuals before and during the pandemic, there was a significant difference.The authors noted that existing disparities defied the expectations that predicted higher income growth would bridge the gap.
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