While Americans are working hard enough or landing jobs to the point where we’re earning more money than our parents did, we’re still struggling with the upward mobility part of the equation, says a new study. Moving beyond the income class you’re born into has proved to be a difficult step for many in the country.
The study from the Economic Mobility Project at the nonpartisan Pew Charitable Trusts found that 84% of Americans earn more than their parents did, while a third also moved up between income classes in the last four decades. Another 16% of Americans dropped from the income level of their parents.
Other results in the study showed that African Americans and those without a college degree had a harder time with upward mobility.
“While most Americans have more income earnings or wealth than their parents, it may not be enough to move them to a higher rung of the economic ladder,” said the project’s research manager, according to the Washington Post.
For those dreaming of one day being rich, it’s tough — the chances of moving from the very bottom of the income spectrum to the tippity top is only 4%.