Black Americans make up 13% of the nation’s population, but their share of the nation’s wealth is only 2.5%, said William Darity, professor of public policy at Duke University.
Rodney Brooks has spent most of his life as a financial journalist but offering informal advice to his African-American friends and colleagues has been a big part of who he is as a person.
For example, as I mentioned in a recent column about women and retirement security, Black women are especially susceptible to health and wealth issues impacting their retirement outlooks. Many have spent their careers in low-wage jobs, “and they are also likely to outlive their partners and are more likely to grow old alone and in poverty,” Brooks writes.Brooks notes that Black women in the U.S. who work full-time are typically paid just 63 cents for every dollar paid to white men.
Only 33% of Black households owned stocks in 2019, while nearly 61% of white households did. Less than half of people of color who responded to an Allianz Life survey said they own investments and other accounts that can help with retirement security, including life insurance, individual retirement accounts, and annuities.
A report from the Federal Reserve Bank in Minneapolis said that there has been zero progress in closing the wealth gap for the last 70 years, Brooks writes. A report by Prosperity Now and the Institute of Policy Studies says the net worth of Black Americans would be zero by 2053 if current trends continue.I reached out to Brooks to learn more about his book. In full disclosure, he has been an editor, friend, and colleague of mine since I worked as a columnist at USA Today about 20 years ago.
I never had a financial discussion with my parents ever. I went to college, not even knowing how to open a checking account, or balance a checkbook. We need to promote financial literacy in schools. Personal finance classes need to be a part of the regular curriculum in middle and high schools. Parents can learn along with the children. there are great personal finance apps and websites today, and many churches help with financial education, too.
The plan would call for the government to give every child born in the United States a savings account at birth. The Darity/Hamilton proposal would cut America’s racial gap by half, according to an analysis by Morningstar, a financial services firm.
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