We are already cognizant of the fact that women women bring home less money for the same work as their male counterparts. But for African American women, the situation is much worse. Single black women the disparities are so overwhelmingly contrasting that even in their prime working years their median wealth amounts to only $5
According to the Pittsburgh Post Gazette:
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.
“Even for those of us who have been looking at the wealth gap for a while, we were shocked and amazed at how little women of color have,” Ms. Lui said.
Researchers at the Insight Center for Community Economic Development, based in Oakland, Calif., analyzed data from the 2007 Survey of Consumer Finances, a voluminous report the Federal Reserve Board issues every three years that examines household finances in this country.
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.
What are your thoughts on this sad and dire situation?