“White families accumulate more wealth over their lives than African American families, on average, which widens the wealth gap as they age. In their 30s, whites have an average of $140,000 more in wealth than African Americans (three times as much). By their 60s, whites have over $1 million more in wealth than African Americans (11 times as much).” (Brooks, Forbes.com, 2017)
How can you prevent such a thing from happening to you? What can be done about the racial wealth gap to make retirement easier for everyone? Start strategizing how to save more money! Start young!
One answer is for everyone to start research on financial literacy early so that while on the journey of wealth all people can efficiently gain more knowledge to increase funds so there is no need to catch up. Chrystal Irving ‘Get Crowned extensions’ CEO states, ”What youth should do to keep in the loop about financial literacy is to speak with their current employer to make sure that they know about what benefits are being made available to you.” Linda Patrick, an African America professional and pharmacist, recommends, “SAVING… working where the money is at … & being financially literate.”
How can people know how to save for retirement upon employment? According to a recent poll completed by Time.com, over 50% of people do not have a savings plan set for their futures while in their 20’s and 30’s. This is important because the first step on the path to a secure retirement is to set a savings goal; studies show that people who commit to a financial plan save more than twice as much as those without a plan (Time.com). Make a savings goal and start learning about saving and investing today! Learn more at EconCouncil.org.