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There’s no question that racism in the workplace plays a critical role in the lack of wealth generated by black Americans. If black folks make less, it’s hard to afford luxuries like nice homes, vacations, private schools, nannies, and basics like affordable health care.

But there’s also another reason black folks lag behind whites in wealth: Black Americans, generally, don’t save as much as whites so black folks don’t amass generational wealth.

“Wealth isn’t just money in the bank, it’s insurance against tough times, tuition to get a better education and a better job, savings to retire on, and a springboard into the middle class. In short, wealth translates into opportunity,” Signe-Mary McKernan, Caroline Ratcliffe, Eugene Steuerle, and Sisi Zhang wrote in “Less than Equal: Racial Disparities in Wealth Accumulation.”

Because Hispanics and blacks are disproportionately low income earners, the researchers said, their wealth prospects are strongly affected by safety net policies aimed at low-income families.

Are you being paid sufficiently on your job? Have you been a victim of racial discrimination?

And do you save money regularly in a bank savings account?

What do you think?

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