6 Steps for African American Families to Build Wealth
Originally published on The AFRO
The stats are troubling. According to a Pew Research Center analysis a few years ago, wealth of white households was 13 times greater than the wealth of black households.
Many factors may be to blame for the wealth gap, notably income inequality, but retirement savings is equally important.
According to the Federal Reserve’s Survey of Consumer Finances, only slightly more than one-third of minority families have retirement accounts. The median value of minority families’ retirement accounts is $23,000.
There is no shortage of competing financial priorities for most families. And it’s often difficult to set money aside when families may be struggling to make ends meet.
Saving, even very small amounts, is the first step towards building wealth. T. Rowe Price recommends these six steps for families to build wealth and plan for future goals.
Continue reading on The AFRO.
