The Financial Challenges Facing Older Women

Friday, April 13, 2018

A 2017 paper she wrote with her group’s president Anne Price (also a panelist) and researchers from the Samuel DuBois Cook Center on Social Equity — Women, Wealth and Race — noted how older black and white women are often in different financial circumstances because white women benefit more from wealth being passed down from their families.

“Intergenerational transfers like financing a college education, providing help with the down payment on a house and other gifts to seed asset accumulation are central sources of wealth building,” the paper said. “When we examine women’s wealth near retirement (ages 60+), we see that white women are better positioned for stable retirement. This is especially the case if they are married and college educated, since they have nearly two times the wealth of black married women with bachelor’s degrees.”

And single black women age 60+ without a college degree have a mere $12,000 in wealth (median figure), in stark contrast to the $384,400 in median wealth among single white women with a bachelor’s degree.

Read the full article here.