Writer Michelle Balani took on the shocking report released today that showed a shocking gap in wealth between Black, white, and Latino households.
The report, released by the Pew Foundation, indicates that from 2005 to 2009, median wealth fell by 53 percent among black households, to about $5,677, compared to a 16 percent decline among white households, who have an average net worth of $113,149.
Here’s an excerpt from the article:
With unemployment at record levels in the African-American community, and the economy at a virtual standstill, this staggering divide has the potential to become an abysmal chasm. What can black households do to turn these disheartening statistics into opportunities to advance their financial strategies and increase their family’s net worth?