Broken Dreams And Financial Illusions: The Secret Depression Of Black Men
The data suggest that the majority of African Americans are not in a great place financially. A prime example of this is a finding from the “The Color of Wealth in Boston” report that found that the median net worth of White households in Boston is $247,500 while the median net worth of Black households is $8.
The average net worth of a single Black woman with a bachelor’s degree is $-11,000 and the median wealth of a single Black woman without a bachelor’s degree is $0 according to a research brief entitled “Women, Race, and Wealth” by Khaing Zaw, Jhumpa Bhattacharya, Anne Price, Darrick Hamilton, and William Darity, Jr. This underscores the sad reality that getting a college degree may actually be a hindrance in some cases to a person’s wealth position because of the frequent need to go into large amounts of debt in order to obtain higher education.
Most of the racial wealth gaps that exist are a result of the lack of intergenerational wealth transfers available for Black families based on a host of different reasons ranging from Federal Housing Administration policy, slavery, Jim Crowe laws, employment discrimination, denial of access to capital, and the list goes on and on.
Read the full article here