Those in unions had a median wealth of $338,482 compared to $199,948 for nonunion workers
Those in unions had a median wealth of $338,482 compared to $199,948 for nonunion workers, per Axios.
Typically, unionized workers earn about 10%-20% more than their nonunion peers, but these wealth gaps are far wider, indicating that the benefits of union membership accrue to workers over time.
The big picture: College is still one of the best paths to accumulating wealth, as this and other data show. However, CAP's numbers point to an alternative for those who might not want to spend the time or money on a college education: union membership.
In addition to higher pay, union members enjoy more job security. They are also more likely to have defined benefit retirement plans, such as pensions, and access to better healthcare, reducing the likelihood of going into debt when sick.
How they did it: Researchers at CAP analyzed the Federal Reserve's Survey of Consumer Finances, which covers 2022 data.
They focused on households where an adult aged 25 or older is working and earning a wage or salary. Wealthy individuals who do not work, business owners, and retirees were not included, as their wealth could skew the results.
A union household includes a worker covered by a union contract. Wealth is defined as the total value of assets owned (e.g., real estate, bank accounts) minus debts.
By the numbers: Overall, those in unions had a median wealth of $338,482, compared to $199,948 for nonunion workers.
Union workers had a higher homeownership rate (71% versus 65% for nonunion workers), and 60% had a defined benefit pension, compared to 24% of the nonunion group.