March 10, 2010
: MediaTakeOut.com just got its hands on a NEW REPORT created by the non-profit think tank The Insight Center for Community Economic Development. And it showed the DIRE need for increased wealth building – especially for Black Women!!
Here is an excerpt:
Excluding vehicles, [working age] single black women have a median wealth of $100 and Hispanic women $120 respectively, while their same-race male counterparts have $7,900 and $9,730. The median wealth of single white women is $41,500. To put it another way, single black and Hispanic women have one penny of wealth for every dollar of wealth owned by their male counterparts and a tiny fraction of a penny for every dollar of
wealth owned by white women.
With so little in reserve, half of all single black and Hispanic women could not afford to take an unpaid sick day or to even have a major appliance repaired without going into debt.
But it gets worse, the same article finds that for ALL single Black women, the average net worth drops to only $5.
This is a very sad article to see. Check out the below charts too . . . which show that single Black men tend to fare far BETTER than women. The biggest difference . . . the financial burden of child care falls DISPROPORTIONATELY on mothers.