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Lifting as We Climb
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shadow777



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Lifting as We Climb

For the complete report>>>>>>>>>
http://www.insightcced.org/uploads/CRWG/LiftingAsWeClimb-WomenWealth-Report-InsightCenter-Spring2010.pdf


Lifting As We Climb: Women of Color, Wealth and America's Future

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The report “Lifting as We Climb: Women of Color, Wealth, and America’s Future,” examines the wealth gap between women of color and the rest of the population, a gap that significantly limits the economic prospects of future generations and holds back the progress of the American economy.

Using data from the 2007 Survey of Consumer Finances, the amounts and types of wealth owned by women of different races are analyzed. Explanation is given as to why women of color have less wealth than white women and men of their same race, locating the roots of the gap in past and present institutional factors. These include but are not limited to the ways in which government benefits, the tax code, and fringe benefits exclude many women of color from wealth-building opportunities that are provided to other segments of the American population.

This paper is a produce of the Insight Center for Community Economic Development and was written by Mariko Chang, Ph.D., with the help of Meizhu Lui, Director of the Closing the Racial Wealth Gap Initiative.
Mon Jun 02, 2014 1:52 am View user's profile Find all posts by shadow777 Send private message Send e-mail
shadow777



Joined15 Jul 2007
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STUDY SHOWS MEDIAN NET WORTH OF BLACK WOMEN IS JUST $5 Published On May 6, 2014 |

By Staff | black people and money, Financial News, money and politics, News, Uncategorized


Women of all races bring home less income and own fewer assets, on average, than men of the same race, but for single black women the disparities are so overwhelmingly great that even in their prime working years their median wealth amounts to only $5.
In a groundbreaking report released Monday by a leading economic research group, social scientists turned a spotlight on the grave financial challenges facing an often overlooked group of women, many of whom could not take an unpaid sick day or repair a major appliance without going into debt

“It’s rather shocking,” said Meizhu Lui, director of the Closing the Gap Initiative based in Oakland, Calif., who contributed to the report “Lifting as We Climb: Women of Color, Wealth and America’s Future.”
Racial disparities in net worth
Among the most startling revelations in the wealth data is that while single white women in the prime of their working years (ages 36 to 49) have a median wealth of $42,600 (still only 61 percent of their single white male counterparts), the median wealth for single black women is only $5.
“Even for those of us who have been looking at the wealth gap for a while, we were shocked and amazed at how little women of color have,” Ms. Lui said.
Researchers at the Insight Center for Community Economic Development, based in Oakland, Calif., analyzed data from the 2007 Survey of Consumer Finances, a voluminous report the Federal Reserve Board issues every three years that examines household finances in this country.
Wealth, or net worth, measures the total of one’s assets — cash in the bank, stocks, bonds and real estate; minus debts — home mortgages, auto loans, credit cards and student loans. The most recent financial data was collected before the economic downturn, so the current numbers likely are worse now than at the time of the study.
Black women, in general, were more likely to have participated in the subprime loan crisis with upper-income black women being five times more likely to have received a high-cost mortgage than upper-income white men.
“The popular image is they spend too much, which is the reason they are running up credit card and consumer debt, but the cost of living has risen faster than income, and they need to go into debt for basic daily necessities,” Ms. Lui said. “It’s compounded because unemployment is twice as high in the black community than it is in the white community.”


READ MORE via Study finds median wealth for single black women at $5 – Pittsburgh Post-Gazette.
Mon Jun 02, 2014 1:54 am View user's profile Find all posts by shadow777 Send private message Send e-mail
shadow777



Joined15 Jul 2007
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How is your state doing?

http://scorecard.assetsandopportunity.org/2014/state/md

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http://financialjuneteenth.com/study-shows-median-net-worth-of-black-women-is-just-5/


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Mon Jun 02, 2014 1:58 am View user's profile Find all posts by shadow777 Send private message Send e-mail
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