average african american savings

At $171,000, the net worth of a typical white family is nearly ten times Efforts by Black Americans to build wealth can be traced back. Interestingly, about 30% of Black American reported investing money to save for retirement or put into general savings/emergency funds as. 5.4%: Unemployment rate, Black Americans, December 2019. $45,438: Real median household income, Black households in the U.S., 2019.

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Retirement Savings by Race

What Is the Racial Retirement Wealth Gap?

Racial minorities in the U.S. have less saved for retirement than White Americans, putting them at an increased risk of instability in their post-work years. Our research has found that, while half of Americans are at risk of being unable to maintain their standard of living in retirement, minorities face an even-more-pronounced risk of instability 

More than half of Black and Latinx households have no retirement savings at all; less than a third of White households are without retirement assets. Black and Latinx households who do have savings have less put away towards their retirement. The median retirement savings for a White household between ages 25 and 61 is $79,500. For Asian-Americans, it is $67,025. Black and Latinx households have $29,200 and $23,000, respectively. 

Among current retirees, the median retirement income in 2019 was $23,292 for Whites, compared to $16,863 for Blacks and $13,560 for Latinx.

Key Takeaways

  • The majority of Americans aren’t saving enough for retirement, but minorities, in particular, are at greater risk for instability during retirement. 
  • On average, people of color in the U.S. have less saved for retirement than White people.
  • More than half of Black and Latinx households have no retirement savings, while only a third of White households lack savings.
  • Racial pay gaps lend to Black and Latinx workers having lower lifetime earnings and saving less.
  • Black and Latinx workers are less likely to work for employers who offer retirement plans.
  • A government study showed that Black and Latinx savers are more likely to invest in safe assets with lower returns.
  • Racial disparities in homeownership and generational wealth also contribute to discrepancies in retirement savings.

Origins of the Retirement Wealth Gap

Racial disparities in pay, inherited wealth, and availability of employer-sponsored retirement plans contribute to the gap in retirement savings. Additionally Black and Latinx people were disproportionately impacted by the Great Recession and have been slower to see their wages and retirement savings rebound.

The COVID-19 economic crisis looms over all savers, but portends to disproportionately affect people of color and widen existing gaps. A recent survey found average african american savings 27% of savers have stopped or reduced their retirement savings, and 9% have drawn down cash from their retirement account. Black and Latinx people are more likely to have experienced a job loss or closure of their business—the type of financial crisis that necessitates reducing saving or drawing from retirement assets.

Black and Latinx Workers Are Paid Less

Due to racial wage gaps, driven in part by structural racism, Blacks and Latinx workers have lower lifetime earning, decreasing the amount they can save. White workers, on average make more than Black and Latinx workers even when controlling for differences in experience and education. In 2019, the median Black worker earned 14.9% less than the median White worker, and the median Lantix worker earned 10.5% less.

Lower wages not only leave workers with less to save for retirement, they reduce Social Security payments, since the benefit is calculated based on workers' wages during their careers. The average annual Social Security payments to White men and women are $16,308 and $12,336, respectively, compared to $13,200 for Black men and $10,800 for Black women, according to a Joint Economic Committee analysis of 2018 Current Population Survey data. For Latinx beneficiaries, it's $10,800 for men and $8,808 for women.

Disparities in Employer-Based Retirement Benefits

While Social Security makes up a significant portion of retirement income for most Americans, savings in employer-based retirement plans also plays a big role for many workers in creating a stable life in one’s post-work years. Unfortunately, Black and Latinx workers are less likely to work for employers that offer such benefits. Nearly two-thirds of White workers have an option for retirement programs at their place of work compared to 54% of Black and 35% of Latinx employees. Employer defined-benefit and defined-contribution programs, such as pensions and 401(k)s, make saving for retirement easier by automating the process through payroll deductions.

Additionally, employers often contribute money to the savings of their workers through these plans. Employers that offer 401(k)s match the funds their employees put away with an average matching contribution of 4.7% of the employee's salary. For workers who have pensions, employers contribute an average amount equivalent to 7% to 8% of the employee's salary to funds that pay out employee pensions.

Over the last 30 years, more and more employers have been shifting from pensions plans to defined-contribution plans, as a cost-saving measure. According to a recent study by the Economic Policy Institute, the switch has hurt the retirement savings of Black and Latinx workers in particular. Pension plans are somewhat equally held across racial groups with 24% of White, 20% of Black and 9% of Latinx workers having defined-benefit plans. However, access to 401(k) plans is much less equitably distributed, with 49% of White workers having defined-contribution plans compared to 32% of Black and 20% of Latinx workers.

The Impact of the Great Recession

The Great Recession (Dec. 2007 to June 2009) widened racial disparities in retirement savings, as it decreased the overall wealth of Black and Latinx households leaving them with fewer resources to fund retirement.

Black incomes and unemployment rebounded more slowly than those of White workers after the Great Recession. Additionally, the gap between Black united bay community credit union mobile deposit White incomes has increased, with Black workers earning14.9% less than White workers in 2019, compared to 10.2% less in 2000.

What's more, the home values of Latinx families fell more than for any other group during the 2008 housing crash. The reason: The areas where real estate fell the most were disproportionately in states with large Latinx populations, such as Florida and Nevada.

The Impact of Homeownership

That brings up the impact that owning a home has on retirement. The U.S. currently has a large gap between White, Black, and Latinx people in that area. Currently, roughly three-quarters of White households owned homes compared to 5 in 10 Black or Latinx household. Home equity can be a key source of cash for retirement as homeowners can cash out of their home by selling it, enter into a reverse mortgage, or take out a home equity line of credit.

Differences in Investment Choices Among Racial Groups

Savings and investment behavior also enslaved odyssey to the west characters to smaller retirement savings for Black and Latinx people. According to a study by the U.S. Social Security Administration, Black and Latinx investors on average put the majority of their money in safer assets such as savings accounts, money market funds, certificates of deposit, government bonds, insurance and Treasury bills. White investors were much much more likely to own high-yield assets, with 36% of White savers owning stocks and 50% owning IRAs/Keoghs, compared to Black and Latinx savers, who had 9% and 7% ownership of stocks—and 15% and 12% ownership of IRAs/Keoghs—respectively.

Recently actions by the Federal Reserve, including Quantitative Easing and its Low Interest Rate Policy, may have exacerbated the gap in retirement savings. These monetary policies have pushed up the prices of higher-risk assets like stocks and depressed the returns on low-risk instruments such as those preferred by Black and Latinx savers.


The net worth of a typical white family compared to that of a Black family ($17,150) in 2016, according to a 2020 Brookings Institution report.

The Racial Wealth Gap

Overall, Black people in America have less wealth in part due to current and historical forms of structural racism such as slavery, segregation, redlining, employment discrimination, agricultural land theft, and mass incarceration. Currently, the median net worth of a White family is ten times that of a Black or Latinx family.

Family wealth can be a source of cash to fund retirement through gifts and inheritances. The median Black family who received an inheritance saw their wealth increase by about $4,000 compared to the median White inheriting family, whose wealth rose by more than $100,000. Additionally, lower family wealth is associated with higher student loan debts and lower homeownership rates, both of which affect retirement savings.

How Could the Disparity in Retirement Saving Be Reduced

Increasing the number of workers who have access to retirement plans would help close the racial gaps in ownership of retirement assets. This could be done by offering incentives to employers for providing retirement accounts to their workers or even by creating a public option for retirement accounts.

Closing the gaps in the amounts people have saved would likely require addressing racial wealth inequality and the racial pay gap. Proposals to close the racial wealth gap include reparations for slavery, baby bonds, minority homeownership programs, and minority business grants.

Changes in employment practices can also help: Studies have shown that banning employers from asking about job applicants' salary history reduces racial pay gaps. Additionally, requiring that companies make public the racial makeup of their staffs may combat employment discrimination[18], which leads to Black and Latinx being paid less.

Lastly, retirement saving gaps make Black and Latinx retirees more dependent on Social Security. According to the Social Security Administration, 45% of Black and Latinx seniors counted Social Security as their only form of retirement income in 2019 versus 39% of Whites. Weakening or cutting the program would hurt all beneficiaries, but would disproportionately affect retirees—and future retirees—of color. To that end, strengthening and increasing Social Security payments could have an outsized positive affect on Black and Latinx retirees.

Источник: https://www.investopedia.com/retirement-savings-by-race-5086962

COVID-19 pushed Black households deeper into debt than their white peers, new analysis finds

With less savings to fall back on during the COVID-19 pandemic, Black households went deeper into debt and were more likely to fall behind on their mortgages than their white peers, according to a new analysis given exclusively to USA TODAY. 

The report by the Center For American Progress (CAP) offered a grim snapshot of the disproportionate financial toll the fnb com lb online banking health crisis took on Black Americans, who also died from the virus at a higher rate than white Americans and were more likely than their white peers to become unemployed or to work front-line jobs that put their health at risk. 

A lack of savings sparked a domino effect that jeopardized the financial stability and economic mobility of some Black households, according to the analysis of data from the U.S. Census Bureau's Household Food banks in broward county florida Survey. Among white households that experienced a drop in earnings, 45.9% used their savings to cover day-to-day expenses, while 30.6% of Black households did the same.

And 28.5% of white households relied on savings when they couldn't work because of health reasons, compared with 18.8% of their Black counterparts. 

A larger number of Black households had to borrow money to get through the economic downturn brought by COVID-19, with roughly 46%  of those who tapped their savings also taking out loans, while 28.5% borrowed from relatives and friends.

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That was compared with 44.5% of white households, which in addition to using savings turned to credit cards to pay expenses, and 16.1% who got loans from relatives and friends.

“We’re not saying white households didn’t suffer in the pandemic,'' says Christian Weller, senior fellow at CAP, who co-wrote the analysis and is a professor of public policy at the University of Massachusetts, Boston, McCormack Graduate School.

But their health and jobs were less severely hurt than that of Black Americans and other people of color, he says, and when white households did have emergencies, they had more resources to help them barrel through.   

Black Americans save but face hurdles building nest egg 

African Americans put money aside as much and perhaps more than white Americans, Weller says. But systemic barriers that result in Black workers having higher unemployment than white workers, and tending to earn less than their white peers even when they have a amazon chase credit degree, make it harder to save a significant amount. Those challenges may also fuel the need to tap emergency funds more often.

"African Americans are as likely as white households, or more likely, to save money,'' Weller says. But shallower savings stem from "systemic bias that comes in many, many different forms. One is African Americans have higher unemployment rates. .(And) when they have a job, African Americans tend to earn less than whites."

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Black workers also disproportionately have jobs that do not provide 401(k) or other employer-supported retirement plans, creating another hole in their financial safety nets. And they are more likely to live in communities that lack a supermarket and other amenities, which raises the day-to-day cost of living. 

“ Higher costs (mean) the less money you have to save," Weller says.

College on hold during the pandemic

With the typical white family having eight times the wealth of the typical Black family, African Americans are also more likely to have to borrow to pay for a higher education. Many put those aspirations on hold during the pandemic, according to the CAP study.

Among Black households that borrowed from relatives or friends, 43.9% canceled their college plans, while 12.9% took fewer courses. Among those white households that did not have as great a need to borrow,  29.1% canceled their college plans and 10.1% pared their course load.

The homeownership gap between Black and white Americans also widened during the pandemic. The Black homeownership rate was 44.1% at the end of does chase bank have student accounts year, barely budging from the 44% who owned homes during the same period in 2019. Meanwhile, the homeownership rate among white Americans increased from 73.7% to 74.5% in those 12 months.  

Holding on to a home also became more difficult. Between last August and March of this year, 17.6% of Black homeowners fell behind in their mortgage payments compared with 6.9% of white homeowners.  

Borrowing from family, friends is 'last resort'

Across racial lines, once you turn to relatives and friends for help, circumstances are often dire, Weller says.

"It’s clear in the data this is truly a last resort for everybody,'' he says. "Once you do that, you're  facing so much trouble. You can’t pay your bills. You're facing eviction. You're already going hungry and then you're turning to people In your community to help you out a little bit. … It’s clear that the chance of repaying that debt is extremely low, and that’s true for white households as well as African Americans.''

'A generational challenge'

There are ways to bridge the financial gulf illuminated by the pandemic, Weller says, but those solutions will not be simple or quick. 

“There is no single silver bullet,'' he says. "It’s going to take decades to shrink and eliminate the racial wealth gap.''

Raising the minimum wage and giving people more opportunities to join a union are a start. "Those tend to be good pathways toward building wealth, especially for African Americans and other communities of color,'' he says.

Laws prohibiting housing and mortgage market discrimination can be better enforced as well, Weller says. Reining in college tuition would also diminish the need for students to take out loans that erode income and can take years to repay.

And expanding retirement saving options can help people build up their emergency funds. California and Illinois offer state-run savings vehicles for workers who don't have access to a retirement plan through their employer, Weller says.

But CAP estimates that even if major initiatives are enacted, such as making college debt-free and creating a national retirement savings plan, "you're still leaving about 50% of the Black-white wealth gap intact,'' Weller says. "That's about $150,000 to $200,000 . roughly the amount of money the average white household gets in inheritances and gifts from their parents and grandparents.''

To rectify that disparity, "we should have a conversation about reparations,'' he says. "If what people aren’t getting in inheritances average african american savings. is a reflection of historical biases dating back to days of slavery, then I think reparations is logically the right way to eliminate the Black-white wealth gap.’’


Источник: https://www.usatoday.com/story/money/2021/07/28/black-and-white-wealth-gap-widened-covid-pandemic/8059058002/

America’s Racial Wealth Gap In Retirement Savings

Saving for retirement is no easy feat. For people of color in the United States, it’s just another reminder of the yawning racial wealth gap.

Experts recommend individuals save 15% of their annual income to fund a viable retirement. With company pensions all but a distant memory for most Americans, the average african american savings of saving and investing this figure is on individuals. 

It’s no surprise, therefore, that the retirement savings of more than 75% of Americans fall short of what’s needed, and more than one-fifth of Americans aren’t saving at all, according to data from the National Institute on Retirement Security (NIRS).

For Average african american savings Americans and other people of color, these hurdles are even higher. Institutionalized racism eats away at the earnings, savings, home values and overall wealth of Americans of color, which means severe financial insecurity in their retirement years.

What Is the Racial Retirement Wealth Gap?

The racial retirement gap refers to the economic inequalities Black Americans and other Americans of color face average african american savings they plan for retirement. This dimension of the larger racial wealth gap puts people of color at high risk of economic insecurity when they retire.

In 2016 (the latest data available), half of all U.S. households were at risk of falling short in retirement, according to the National Retirement Risk Index (NRRI). The NRRI is a calculation from the Center of Retirement Research (CRR) at Boston College, and is based on the Federal Reserve’s Survey of Consumer Finances. Fifty-four percent of Black Americans, and 61% of Latinos, shared that risk—compared to 48% of whites.

You cannot simplify the problem by saying people of color don’t save enough for their golden years. Understanding the systemic racism faced by Americans of color throughout their working lives is crucial to solving the racial retirement gap.

Think of the racial retirement gap this way: Systemic racism has depressed each category that makes up the overall net worth of Black Americans—and overall net worth helps determine your level of retirement security. Here’s how Americans of color have fallen behind, from earning less than white Americans, to having significantly less home equity.

Black Americans Receive Lower Lifetime Earnings

Institutionalized racism means that employers get away with consistently paying Americans of color significantly less than their white counterparts.

Black workers made 14.9% less than their white counterparts in 2019, according to the Economic Policy Institute’s (EPI) Wage Report. This gap has grown significantly, up from 10.2% in 2002.

Obtaining an education—even in the case of advanced degrees—doesn’t close the wage gap, either. The EPI report found that white workers are paid more than Black and Hispanic workers at almost every education level. For example, white workers with a college education earn an average hourly wage of $35.90—Hispanic workers with the same education level earn $30.35 in comparable wages, and Black workers earn $27.81. EPI notes that Hispanic workers are consistently paid more than Black workers—Hispanic workers with the same education level earn $30.35 in comparable wages, and Black workers earn $27.81.

And while race is a big factor in wage inequality, gender exacerbates the gap further. The average woman in the U.S earned 81.6 cents to every dollar men earned in 2019. The gender wage gap is even wider for women of color. Black women in 2018 were paid 62% of what non-Hispanic white men were paid.

Americans of Color Have Lower Savings and Investments

Since Black Americans and people of color are paid significantly less than their white counterparts, they have fewer opportunities to build their savings and invest.

The National Institute of Retirement Security (NIRS) finds a stunning gap in household savings between white Americans and Americans of color. People of color nearing retirement age have average savings of $30,000, a mere one-quarter of the average saved by white households ($120,000).

“While there is a significant earnings and income gap between people of color and whites, the wealth gap is even wider—and growing,” reads the NIRS report. “In turn, the growing racial divide in retirement wealth contributes to worsening inequality in overall household wealth.”

Black Americans Have Less Home Equity

Home equity is a major source of retirement income in the NRRI, since it assumes households access home equity at retirement by taking out a reverse mortgage.

According to CRR, Black Americans had a median home net value (the value of your home, minus how much you owe on it) of just $49,000 in 2016. For Hispanics, median home bank of the west parker co hours value was $65,000, while for white Americans it was $86,000. The CRR notes that home prices have been volatile since 2000, negatively impacting all races—although Hispanic households saw their median home net value drop the most—41%—from 2007 to 2016.

Homeownership rates declined from 2007 to 2016, but Black and Hispanic households have seen the largest decline. CRR points out that less than half of Black and Hispanic families own their homes.

The Urban Institute reportsthat income and lower credit scores also contribute to the racial homeownership gap. Lower income makes it harder for Black households to afford down payments on homes and low credit scores make it harder for Blacks to obtain mortgages. Only 21% of Black households have a FICO score above 700, compared to more than 50% of white households.

How Can the Racial Wealth Gap Be Addressed?

Fixing institutionalized racism won’t happen overnight. And some of the suggestions for how Black Americans can close the wealth gap—like going to college to increase earnings, or buying homes to increase wealth—won’t solve the problem.

“…the wealth gap is the product of centuries of inequality and racism that has grown too large to be impacted significantly by individual actions, achievements or choices,”writes Dion Rabouin, markets editor at Axios.

Instead, big ideas are needed to fix a big problem. Forbes staff members Jeff Kauflin and Janet Novack recently reported that initiatives like improving access to capital for Black-owned business, reparations for descendants of slaves, Baby Bonds, partial student debt forgiveness and incentives for emergency savings could help narrow the gap.

These initiatives could help Americans of color build their assets in the absence of inherited wealth, which they are less likely to receive than white Americans.

Action Needed in Washington, D.C.

There has been buzz in Washington about how to invest in, and help develop, Black communities and communities of color. In July, Senate Democrats proposed a $350 billion plan to fight systemic racism. The Economic Justice Actwould how to check your visa debit card balance billions in funding for child care programs, health care access, job training, capital for small businesses, homeowner tax credits and more in underserved communities.

“Long before the pandemic, long before this recession, long before this year’s protests, structural inequalities have persisted in health care and housing, the economy and education,” Senate Democratic Leader Chuck Schumer (D-NY) said in a statement. “The Economic Justice Act is a needed step in a long journey to address systematic racism and historic underinvestment in communities of color.”

Democratic Presidential Nominee Joe Bidenannounced a plan in July to boost Black and Latino finances. His plan would dedicate $30 billion to a small-business opportunity fund for Black, brown and Native American entrepreneurs. 

Until these big ideas turn into big actions, though, the racial wealth gap—and economic insecurity in retirement for Black Americans and people of color— will persist.

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Источник: https://www.forbes.com/advisor/retirement/retirement-racial-wealth-gap/

A Cheap, Race-Neutral Way to Close the Racial Wealth Gap


It’s time to try baby bonds.

By Annie Lowrey

An illustration of a baby hand holding money.

About the author: Annie Lowrey is a staff writer at The Atlantic, where she covers economic policy.

What if a single, cheap, easy-to-administer, and race-neutral policy could help close the country’s chasmic racial wealth gap in less than a generation?

Reader, it exists. It is called a baby-bond program. For something like $80 billion a year—roughly 2 percent of the annual federal budget, less than a tenth of the annual cost of Social Security—the United States could not only end its most pernicious forms of poverty, reduce wealth inequality, improve social mobility, foster self-sufficiency among poor families, and increase family net worth en masse, but also put black and white families on more equal footing.

There is a strong moral case for doing that, and a strong economic case, too. The average white family is 10 times wealthier than the average black family. Black families with kids have a single penny in wealth for every dollar that white families with kids have. And white high-school dropouts have a higher net worth, on average, than black college graduates. Black individuals cannot close this gap on their own. Washington created the wealth gap. Washington needs to fix it.

Read: American wealth is broken

Today’s racial wealth inequality is a product of many decades of government policy, not the differing actions and choices of black and white individuals. The Social Security Act, for instance, initially excluded agricultural and domestic workers, who were disproportionately black. The GI Bill offered college tuition, home loans, and unemployment benefits to white veterans, while excluding black veterans. The Federal Housing Administration instituted redlining and fomented racial housing segregation. “It’s not about savings,” Thomas Shapiro, the director of the Institute on Assets and Social Policy at Brandeis University, told me. “It’s about institutional practices.”

Contemporary institutional practices sustain the gap created in past centuries. Consider how the tax code not just perpetuates, but actively generates, racial wealth inequality. A refusal to levy significant taxes on inheritances encourages dynastic wealth, meaning white wealth. (Ahem.) The country taxes paid labor more heavily than passive income, predominantly accumulated by white families. The home-mortgage interest deduction, the 529 college-savings program: These kinds of regressive elements Swiss-cheese the code. And in myriad other ways, government policies extract money from black families and black communities. Fines-and-fees policing, for instance, functions as a covert tax on black Americans.

Even when they earn very high incomes, many black individuals end up accumulating far less wealth than their white peers. That’s in part because black workers tend to offer more financial support to poor relatives, and in part because black kids are more likely to have to take out hefty student loans to pay for college. Those factors add up to less money socked away in a savings account or invested in the stock market, and less money to pass along to children.

Even if a multifarious, complicated set of policies helped create the racial wealth gap, another multifarious, complicated set of policies is not necessary to start to close it. A little-known but elegant solution is waiting for implementation, a policy suggested by Thomas Paine in Agrarian Justice and rewritten for the modern era by Darrick Hamilton, who leads the Kirwan Institute for the Study of Race and Ethnicity at Ohio State University, and Sandy Darity, the director of the Samuel DuBois Cook Center on Social Equity at Duke University. Baby bonds are simple. The government would create investment accounts for infants, giving babies born to poor families large seed grants and babies born to rich families small ones. The money would grow, and kids would gain access to it when they reached adulthood, to use for school, a down payment, or a start-up.

That’s it. Black families need wealth. The government could just give it to them. “At the root of the racial wealth gap, and wealth inequality in general, is capital itself,” Hamilton told me. “Baby bonds are specifically aimed at giving people that seed capital, that asset that passively appreciates over their lifetime.”

Read: In D.C., white families are on average 81 times richer than black ones

Government investment and the magic of compound interest would eliminate much of the racial wealth gap, perhaps 70 or 80 percent over time. Naomi Zewde of the City University of New York studied a hypothetical baby-bond program that would provide rich babies $200 in assets and poor babies $50,000 in assets, with infants born to middle-class families getting scaled amounts in between. As of 2015, the median white young adult had a net worth of $46,000, versus $2,900 for the median black young adult. Had they been granted baby bonds at birth, white young adults would be worth $79,159 and black young adults $57,845, Zewde found. White kids would be roughly 40 percent wealthier than average african american savings kids, not 16 times as wealthy.

Of course, baby bonds are not a magic bullet. Hamilton stressed the importance of considering reparations on their own terms. “I see reparations as a retrospective approach that is more direct, more parsimonious,” and race-specific, he said, whereas baby bonds are prospective, race-neutral, and “in perpetuity moves society toward becoming more egalitarian.” Eliminating student debt, ending mass incarceration, rationalizing the country’s system of health insurance, stopping covert redlining, ending poverty as measured by income—all of those are necessary elements of racial justice, and would be complementary policies to help make the country’s wealth distribution more equitable.

One thing that will likely not do much to end the racial wealth gap is President Donald Trump’s Opportunity Zones initiative, which he has made the centerpiece of his election-year pitch to black voters. The program, part of the sweeping 2017 tax law, provides tax breaks for development projects in underinvested areas. When average african american savings passed, experts warned that the money would primarily go to real-estate developers working on existing projects, intensifying gentrification without aiding low-income neighborhoods. That seems to be precisely what is happening.

The black-white wealth gap was wide when Trump became president, and might be even wider when he leaves office. Typical white households hold 10 times the wealth of typical black households. Closing much of that gap could take just a single policy and a sliver of the federal budget.

Источник: https://www.theatlantic.com/ideas/archive/2020/06/close-racial-wealth-gap-baby-bonds/613525/


1 Social Security is a Great Equalizer. Center for Retirement Research at Boston College. January 2020. Number 20-2. https://crr.bc.edu/wp-content/uploads/2020/01/IB_20-2.pdf
2 The Road to Zero Wealth. The Institute for Policy Studies and Prosperity Now. September 2017. https://prosperitynow.org/sites/default/files/PDFs/road_to_zero_wealth.pdf
3 Wealth and Income Concentration in the SCF: 1989–2019. Federal Reserve. September 28, 2020. https://www.federalreserve.gov/econres/notes/feds-notes/wealth-and-income-concentration-in-the-scf-20200928.htm
4 Redlining’s Legacy of Inequality. RedFin News. June 11, 2020. https://www.redfin.com/news/redlining-real-estate-racial-wealth-gap/
5 Distribution of Household Wealth in the U.S. since 1989. Federal Reserve. Distribution of Household Wealth in the U.S. since 1989 https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/
6 Racial disparities in income and poverty remain largely unchanged amid strong income growth in 2019. Economic Policy Institute. September 16, 2020. https://www.epi.org/blog/racial-disparities-in-income-and-poverty-remain-largely-unchanged-amid-strong-income-growth-in-2019/
7 Social Security Lifts More Americans Above Poverty Than Any Other Program. Center on Budget and Policy Priorities. February 20, 2020. https://www.cbpp.org/research/social-security/social-security-lifts-more-americans-above-poverty-than-any-other-program#_ftnref4
8 Education Alone Can’t Close the Racial Wage Gap, February 17th, 2020 https://thinknow.com/blog/education-alone-cant-close-the-racial-wage-gap/
9 2020 Edelman Trust Barometer. Edelman. 2020. https://www.edelman.com/trustbarometer
10 The State of American Retirement Savings. Economic Policy Institute, December 10, 2019. https://www.epi.org/publication/the-state-of-american-retirement-savings/
11 How Much To Save For A Secure Retirement. Center for Retirement Research at Boston College https://crr.bc.edu/wp-content/uploads/2011/11/IB_11-13-508.pdf
12 Financial Literacy and Wellness among African-Americans. Global Financial Literacy Excellence Center. 2019. https://gflec.org/initiatives/financial-literacy-and-wellness-among-african-americans/


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