In honor of Black History Month, we want to highlight the financial realities and challenges faced by black women in the US, as well as their resilience in the face of these challenges. 76% of our participants are women of color, and we are focused on educating and empowering them in all areas of their lives.
These statistics underscore the economic challenges faced by Black women, highlighting the need for systemic change to address these disparities. Despite these challenges, Black women display remarkable optimism about their future, with 63% reporting they are optimistic about what lies ahead. The resilience and optimism of Black women shine through, pointing toward a hopeful future as efforts continue to close the wealth gap and create a more inclusive economy.
TLDR:
👉🏾40% of Black women’s annual household incomes are under $50,000. This is compared to 24% of U.S. adults overall.
👉🏾47% of Black women with student loan debt have household incomes of less than $50,000 annually, and 64% of Black women with student loan debt owe more than $25,000.
👉🏾The wealth gap is notably vast among women of different races, with Black women owning just $9 for every $100 owned by White women.
👉🏾Systemic inequalities in finance significantly impact Black and African American communities, with the racial wealth gap being a notable barrier to financial security and prosperity.
Sources:
1,New Survey Data: Black Women in America Continue to Disproportionately Face Economic Hardship](https://www.goldmansachs.com/media-relations/press-releases/2023/black-women-continue-to-face-economic-hardship.html).
2,Equity Report Reveals Statistics on Black Women Compared to Other Races](https://sacobserver.com/2023/03/equity-report-reveals-statistics-on-black-women-compa:3,Tackling Disparities in Finance for Black and African Americans](https://www.moneygeek.com/financial-planning/resources/black-african-american/).