According to a new research paper from the Federal Reserve Bank of St. Louis
If you want your kids to be more financially successful than you, you might want to take a closer look at your office’s work-from-home policy, according to a new research paper from the Federal Reserve Bank of St. Louis.
The paper’s authors (George-Levi Gayle and Limor Golan of Washington University in St. Louis; and Mehmet A. Soytas of Ozyegin University) analyzed several factors related to economic mobility to determine which affected families most, finding that the lack of flexibility in a job was one of the largest determinants for children of poor parents staying poor.
The researchers only looked at two-parent households and took into account parents’ education, number of kids, division of labor, and participation in the labor market. In all, they found factor that accounted for roughly 75 to 80 percent of the observed correlation of lifetime earnings between fathers and sons, and mothers and families, across generations.
According to a 2014 study by the Families and Work Institute, over 67 percent of U.S. companies offer occasional telecommuting for at least some of their employees, up from 50 percent in 2008. Increasingly, workers (especially millennials) want flexibility in where, when, and how they work. Some businesses are willingly offering those arrangements.
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