Open-ended responses of an ethnically and socioeconomically diverse sample of 593 12- to 19-year-olds (M = 16 years old, SD = 1.59) were analyzed to explain why some people in the United States are poor and others are rich. Adolescents had more knowledge and a more complex understanding of wealth than of poverty and older adolescents had more knowledge and a more complex understanding of both. Controlling for age and demographics, adolescents had a deeper understanding of inequality if they were female, from better educated families, discussed current events in their families, and attended schools with classmates who discussed current events in their families. Higher parental education and attending schools with classmates who discussed current events with their families increased the likelihood of structural attributions for poverty.