Friday, August 5, 2011

The Wealth Gap Explored - Seniors

Late last month, we noted an updated look at the 'wealth gap' in America that was recently published. This week, USA Today, examines the gap among seniors. The results are consistent with earlier findings, but given the aging nature of the population, even more severe.

One look at California:

Among the state's single adults age 65 and older, 76% of Latinos and 69% of African Americans are unable to meet basic needs, compared with 44% of whites, says UCLA's Center for Health Policy Research and the Insight Center for Community Economic Development.

The article delves into some causes of the gap, including higher health care costs and fewer retirement savings. It also notes this issue:

It's also harder for minorities to navigate the complex financial world because they tend to lack adequate financial literacy, the Greenlining Institute report says. For the same reason, they're often victimized by predatory lenders that strip them of wealth and assets.
Part of CFS's core mission is making sure all Americans have access to financial knowledge and qualified advice. It is why we advocate for more financial literacy instruction in schools and for the industry and regulatory community to place a priority on ensuring all communities have access to sound financial advice.