The Growing Wealth Gap Betwee Races
It’s no secret that inequality between the impoverished and the wealthiest Americans is a stark reality, but there appears to be no end in sight. A recent study by the Corporation for Enterprise Development (CFED) found that the wealth gap between races is growing exponentially. In fact, if the current trend continues, by the year 2043, the average wealth gap between white families and Latino and black families will be about $1 million.
So what’s causing this gap to widen? Researches attribute the divide to a combination of the advantages that seem to benefit white families as well as the disadvantages that black and Latino families seem to regularly encounter. White families tend to benefit from a better financial starting point that allows them to pursue higher education, homeownership, investments, and tax incentives. Meanwhile Latino and black families struggle with lower levels of educational attainment, significantly higher unemployment, and overall financial fragility that precludes them from participating in wealth building endeavors.
We can start to make a change by chipping away at the sources of this inequality. By providing better educational systems for these underserved communities coupled with financial literacy education and advocacy efforts, we can begin to close this gap. Join The One Less Foundation on our mission to alleviate poverty and created equal opportunities for all by volunteering or donating at www.theonelessfoundation.org.