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Wealth inequality is among the most extreme forms of stratification in the United States, and upward wealth mobility is not common. Yet mobility is possible, and this paper takes advantage of trends among a unique group to explore the processes that generate mobility. I show that non-Hispanic whites raised in Roman Catholic families have been upwardly mobile in the wealth distribution in recent decades, and I find that unique fertility, marriage and education patterns contributed to this change. I also show that Catholic values related to work and money contributed to relatively high saving and portfolio behavior that facilitated mobility. The results provide important insight into the process by which childhood experiences shape adult well-being, particularly adult wealth ownership. The findings also contribute to understanding of social inequality by identifying important behaviors and processes that facilitate mobility. (Contains 6 tables and 28 notes.)

Mexican Americans are a large group whose mobility patterns can provide important insight into immigrant assimilation processes. It is well known that Mexicans have not attained economic parity with whites, but there is considerable debate about the degree to which Mexican immigrants and their American-born children experience mobility over their lives. We contribute to this literature by studying Mexican American wealth ownership, focusing on three interrelated processes. First, we examine childhood poverty and inheritances to establish financial starting points and to identify the degree to which resources from prior generations affect wealth ownership. Second, we study impediments to mobility in young adulthood to understand how childhood conditions create early adult obstacles to well-being. Third, we study midlife net worth and homeownership to better understand whether childhood and young adult impediments necessarily reduce adult wealth ownership. We find high levels of early life disadvantage among Mexican Americans, but these disadvantages are least pronounced in the second and third generations compared to the first generation. Consistent with prior research, we also find high levels of young adult impediments to mobility for Mexican Americans. However, we find that these early roadblocks do not necessarily translate into lower adult wealth: we show that Mexican Americans have less total wealth than whites but more than African Americans, even when early life impediments are controlled. Our results suggest that Mexican Americans are establishing a solid financial foundation that is likely to lead to long-term class stability. [ABSTRACT FROM PUBLISHER]

Wealth inequality is among tile most extreme forms of stratification in the United States, and upward wealth mobility is not common. Yet mobility is possible, and this paper takes advantage of trends among a unique group to explore the processes that generate mobility. I show that non-Hispanic whites raised in Roman Catholic families have been upwardly mobile in the wealth distribution in recent decades, and I find that unique fertility, marriage and education patterns contributed to this change. I also show that Catholic values related to work and money contributed to relatively high saving and portfolio behavior that facilitated mobility. The results provide important insight into the process by which childhood experiences shape adult well-being, particularly adult wealth ownership. The findings also contribute to understanding of social inequality by identifying important behaviors and processes that facilitate mobility. [ABSTRACT FROM AUTHOR]