Tuesday, July 26, 2011

Wealth Gap

Part of CFS's mission is to advocate for solutions that will help ALL Americans achieve financial security. Today's Washington Post has an article that details just why this important.

According to the Post's coverage of a new PEW poll, "the wealth gap between whites and minorities has risen to a historic high."

So what is the wealth gap?
Household wealth is the sum of assets, including houses, cars and banking accounts, minus debts, including mortgages, auto loans and credit cards. Researchers who study the economics of households by ethnic groups said that although the gap in incomes between whites and blacks has narrowed over decades, the wealth gap has been more persistent.
This research supports conclusion in Prudential's survey earlier this summer about African American ownership of wealth building products.

In response, public policy makers should be asking "what can we do to ensure all communities have access to the knowledge and resources they need?"