In the most recent days of the 21-Day Racial Equity Challenge we have explored structural and institutional inequities that lead to negative and disparate outcomes in health, environmental issues, and housing. Related to each of these challenges is the bigger picture of overall wealth inequity that has grown from racism and discrimination.
The racial wealth gap in the United States is staggering. According to the U.S. Federal Reserve, white families have an average net worth of more than $934,000, compared to Black families with an average net worth of $138,000 and Hispanic families with an average net worth of $191,000. These figures consider assets like homes, vehicles, income, retirement accounts, and other wealth-related items.
Contributing to the wealth gap are factors like income inequality, earnings gaps, homeownership rates, retirement savings, student loan debt, and inequitable asset-building opportunities.
This inequity in financial resources exists in our community, holding many back for decades, simply because of the color of their skin.