The Impact of Net Worth on Inequality in Economic Mobility Since COVID-19 |Biomedgrid

Wealth has been given attention as one of the factors leading to increased economic inequality [1,2]. Net worth affects the lives of low-income families because they have had disadvantages in accessing economic activities and less opportunity to accumulate their own assets. The lack of asset accumulation thus restricts economic mobility across low-income individuals [3]. For instance, in one study it was found that female-headed households had lower economic mobility than other households, and that single-mothers experienced limited opportunities for economic mobility due to the lack of asset accumulation [4]. Therefore, given the importance of assets for economic mobility, it is imperative to construct new welfare policies that assists people in accumulating assets [4,5], particularly for those who have faced severe economic challenges since coronavirus disease-19 (COVID-19).