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.Of course, no discussion of black vs white wealth disparities is complete without some discussion of redlining and other systematic forms of racism that prevented many black families from owning homes in the past. Most families build "wealth" when homes, most peoples biggest investments, are passed from one generation to the next. Still, FIVE FREAKIN' DOLLARS!?!? Come on sistas, skip the MAC counter and get you an Ameritrade account. F'real.
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.
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.
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.
For all working-age black women 18 to 64, the financial picture is bleak. Their median household wealth is only $100. Hispanic women in that age group have a median wealth of $120.
"That means half of [black women] have a net worth of more than $100 and half have a net worth of less than $100," Ms. Lui said. "So that gives you an idea of how far in debt some women of color are."
Married or cohabitating white women have a median wealth of $167,500. Married or cohabitating black women have a median net worth of $31,500.
All jokes aside, part of me can't help but wonder if this study by "a leading economic research group" is either terribly flawed, or intentionally misleading to only further drive black women crazy. What do ya'll think?
Question: Beyond the obvious issues of inherited wealth, why are sistas taking such an "L" financially when they're vastly outpacing black men in the areas of education and earning power?
Study finds median wealth for single black women at $5 [PittPostGaz]