The Federal Reserve Bank of St. Louis has been studying household income for decades. It has interviewed people in tens of thousands of households and followed up years later.
Their newest report finds household wealth tends to be higher if the head of household is white, over 40, and – get this – had college-educated parents. Someone with all three of these things makes, on average, triple what someone makes who has none of these characteristics. We knew income tracks education. This report says your parents' education makes a difference. Put another way, making sure your kids go to college is a great gift to your future grandchildren. This is not to say the first generation to get a college degree doesn't benefit – she or he does, making a lot more income than non-college graduates of the same generation
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