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 disparities is the bigger picture of overall wealth inequity that is a result of 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 generations, simply because of the color of their skin.
According to the 2020 NYS ALICE Report, Black and Hispanic households are disproportionately more likely to be living in poverty or living paycheck-to-paycheck than white households.
Blacks make up 14.2% and 2.5% of the population respectively in Westchester and Putnam counties. Yet 53% of Blacks living in Westchester or Putnam County are ALICE. Hispanics make up 25.1% and 14.3% of the population respectively in Westchester and Putnam counties and they 55% of those households are ALICE.
“Financial Hardship in Black Households: The Alice Data”.
-United for ALICE
“The coronavirus recession and economic inequality:
A roadmap to recovery and long-term structural change”
– Washington Center for Equitable Growth
“Income and Wealth Inequality: Crash Course Economics #17”
“Income and Wealth Inequality”
– Baron’s Live
These articles were curated by a local committee to be used as a list of resources pertinent to DEI topics. The 21-Day Racial Equity Challenge Committee would like to thank and give attribution to those who created the content above, which reflects their individual perspectives. We do not support nor endorse any advertisements associated with the above content.
Use these following prompts to reflect on the information you consumed today:
How do you perceive your family’s wealth/lack of wealth?
How do you perceive the wealth/lack of wealth of others?
What new perspectives does the above information provide about wealth and poverty in general?
Your action item of the day is to…