No doubt, a large part of the differences in asset holdings between minorities and other families may be attributed to differences in income. By the definitions used in our survey, the median income of minority families in 2001 was only 57 percent that of other families.
However, earlier work by our staff suggests that, even after controlling for such factors as income and formal education, minorities are still less likely to hold even a basic checking account. This finding suggests that fostering equal opportunity and supporting financial literacy campaigns may help minorities move into the financial mainstream.