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Study finds median wealth for single black women at $5
In a groundbreaking report released Monday by a leading economic research group, social scientists turned a spotlight on the grave financial challenges facing an often overlooked group of women, many of whom could not take an unpaid sick day or repair a major appliance without going into debt."It's rather shocking," said Meizhu Lui, director of the Closing the Gap Initiative based in Oakland, Calif., who contributed to the report "Lifting as We Climb: Women of Color, The reasons behind the daunting financial challenges black women face are numerous and complex. "There are excuses and circumstances that have evolved in society, which put black women where they are," said Esther Bush, executive director of the Urban League of Greater Pittsburgh, who said in Pittsburgh more than 70 percent of African-American families are headed by single women. The recession has hit single mothers especially hard. High unemployment and high incarceration rates for black men also lower the likelihood of single black women finding a partner to help build a more secure financial future. Ms. Lui said the Insight report would be used to encourage the government to close the wealth gap and improve the outlook for women of color, just as it did for Americans who received land through the Homestead Act, and education through the GI bill. "If wealth was based on hard work, African-Americans would be the wealthiest people in our nation," she said. "It's not about behavior. It's about government policies. Who does the government help and who is it not helping? "Our government knows how to build wealth for people. They've done it for others and they can do it for all of us. They need to focus some attention on women of color. Look at the situation and see what we need." Posted by: Nimble Spemble 2010-03-12 |
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