A new report from the Public Policy Institute of California highlights significant disparities in wealth across the state, emphasizing the importance of wealth over income for financial security. The median net worth in California stands at $288,000, but this figure obscures stark inequalities, with older Californians and college graduates having much greater wealth compared to younger adults and those without degrees. Racial disparities in wealth are pronounced as well, with white and Asian households far outpacing Latino counterparts. Policymakers and individuals are encouraged to consider strategies that foster financial stability and prepare for future uncertainties.
"There are a number of things that I think the average Californian can learn from this... But wealth is what underpins that—it allows people to fill in when income declines."
"While average Californians tend to think about income when budgeting for rent, wealth is what keeps everyone afloat during hard times and opens doors to opportunity."
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