MONEY TALK: Building generational wealth could help close the racial wealth gap
/cloudfront-us-east-1.images.arcpublishing.com/gray/TT4RHMZXYBF7DPR6S56PMVZEDI.png)
ATLANTA, Ga. (Atlanta News First) - Let’s talk about wealth! It’s good for the economy, critical to community success, and important for individual health and well-being.
But it’s no secret that throughout the course of U.S. history, minority households have faced a gap in earned income.
A report by the US Treasury Department found that not only does the racial wealth gap persist, but it “threatens the economic security of impacted families and weakens the economy as a whole.”
In fact, the average Black household earns about half as much as the average White household, garnering roughly 15 to 20 percent as much net wealth.
/cloudfront-us-east-1.images.arcpublishing.com/gray/RVEVBF7C3ZHAVMNV2B2QYRBT6Q.png)
Northwestern Mutual Wealth Management Advisor Derrick Murray examines how building generational wealth and financial education can help close the racial wealth gap.
To connect with a local financial expert or for more money tips like these, click here.
Copyright 2023 WANF. All rights reserved.