Financial-literacy programs and efforts to promote savings strategies among low-income families may be helpful, but they’re not enough to substantially chip away at racial wealth inequality in the U.S., researchers said in a new report this week.
White families’ median wealth was $188,200 in 2019, according to Federal Reserve data, compared to Black families’ median wealth of $24,100. Such gaps were “created and maintained through policies and practice” like redlining, which were “designed to restrain some groups from the…
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