By: SmartChoiceMoms Staff
The Pew Charitable Research Center just published a sobering report of the wealth gap in the United States. The report underscore the importance of teaching wealth building, money management, and financial education especially within communities of color. Here is a copy of the report:
The analysis of Federal Reserve data does reveal a stark divide in the experiences of white, black and Hispanic households during the economic recovery. From 2010 to 2013, the median wealth of non-Hispanic white households increased from $138,600 to $141,900, or by 2.4%.
Meanwhile, the median wealth of non-Hispanic black households fell 33.7%, from $16,600 in 2010 to $11,000 in 2013. Among Hispanics, median wealth decreased by 14.3%, from $16,000 to $13,700. For all families — white, black and Hispanic — median wealth is still less than its pre-recession level.
Read more from the article below.