“…For example, 3‐ to 5‐year‐old children can use visual cues to differentiate “rich” and “poor” people (Ramsey, 1991), first‐grade children assign people depicted as rich to fancier cars and houses (Mookherjee & Hogan, 1981), and by 9 years of age children endorse stereotypes that rich people are better than poor people in domains such as academics and music (Woods, Kurtz‐Costes, & Rowley, 2005; see also Skafte, 1989, for stereotypes associated with wealth in adolescents). Research has also shown that children and adolescents understand some of the social factors that contribute to wealth and poverty (e.g., having the right connections, knowing that there are not enough jobs for everyone; Chafel, 1997; Flanagan, Ingram, Gallay, & Gallay, 1997; Karniol, 1985; Leahy, 1983, 1990).…”