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Pew Research Center conducted this analysis to understand more about how the educational background of parents is linked to their children’s labor market and economic outcomes. Much has been written about the impact parental education has on children’s educational attainment, but less is known about the longer-term impact on economic well-being. Two surveys collected by the Federal Reserve are used to illuminate this relationship. The larger and more recent Survey of Household and Economic Decisionmaking (SHED) collects information on the type of college the adult attended and has a battery of questions on educational debt. The analysis examines adults ages 22 to 59, of which there are 7,429 unweighted respondents in the 2019 SHED. The SHED is not designed to precisely measure economic outcomes such as income and wealth. The well-known Survey of Consumer Finances (SCF) is the gold-standard for measurement of household wealth, and the 2019 collection ascertained the…
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