Racial Wealth Gap

Posted on November 6th, 2020 by lbrown
Day 11’s resources focus on the racial wealth gap.  Did you know that the average white family has seven times the wealth of the average Black family and five times the wealth of the average Latino family?  Did you know that this disparity is as high or higher than it was in 1963?  The Equity Challenge is now officially more than halfway complete!
YOU’RE HALFWAY TO BUILDING A RACIAL EQUITY-BUILDING HABIT
DAY 11: RACIAL WEALTH GAP
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.
The 21-Day Racial Equity Challenge does not support nor endorse any advertisements associated with the above content.
Mid-Challenge Check-In
Today marks the halfway point of the Challenge. Thank you for your continued commitment to finding a deeper understanding of racial equity. Take a few minutes to check-in on how you’re feeling. How has your perspective changed? What do you need to do to stay committed for the next 10 days?
Questions to Consider for Self-Reflection:
  • How do you perceive your family’s success/lack of success?
  • What new perspectives does the above information provide about your own family’s basis of wealth?
Local Ways to Get Involved:
Share What You Learned:
Use the images below to share what you learned about race and equity today, and be sure to include #ROCequity.
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Posted in: Diversity Equity and Inclusion