The case for accelerating financial inclusion in black communities
Written by Black Hot Fire Network on June 28, 2023
As of 2016, the average black American family had total wealth of $17,600—about one-tenth the wealth of the average white American family, which stands at $171,000 (Exhibit 1). This gap leaves many black families at a significant economic disadvantage, with less financial security and less ability to fully participate in the economy. Less wealth also means black Americans are underrepresented in the market for financial products and services.
A lack of access to financial services is not just a symptom of the racial wealth gap; it is also a cause. Without . . .
