Financial disparities between Black and White Americans revealed

This study highlights the financial disparities between Black and White Americans

Black and White Americans

Financial disparities between Black and White Americans revealed. Source: unsplash.com

According to LendingTree, there is large economic inequality across income, wealth, savings, and credit opportunities between Black and White Americans.

The report states that the average income for Black men is 33.7% lower than that of White men in America’s 50 largest cities. Meanwhile, the average income for Black women is 17.5% lower than that of White women.

Black and White income gaps exist across different sectors. For instance, in finance and insurance, Black people earn an average income of 36.9% lower than that of White people. And in educational services, Black people earn 8.4% less on average.

Besides, 44% of Black adults are denied credit whereas 57% denied or approved for less than requested than their White counterparts at 19% and 24%, respectively.

Along with that, the average cumulative student loan debt borrowed by Black undergraduate students is $36,919. That’s 20% more than the $30,731 borrowed by White undergraduates.

It's encouraging that Americans are having these conversations more openly and with more vigor and purpose. Highlighting these racial disparities shows that systemic issues have held back generations of our fellow citizens. It is ultimately to the detriment of everyone as the economy is deprived of our best efforts by denying opportunities to many capable people. The creation of these disparities was and is often government-sanctioned and enforced, and so they should be addressed via legislative remedies in addition to societal change
Tendayi Kapfidze, Chief Economist at LendingTree

We’ve reported that the wealth gap between the richest and poorest households in the UK grew by over £370,000 between 2006 to 2018, hitting £1.4 million.

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