Financial Well-Being

Working to change financial markets and individual behavior so that families can build assets, improve their long-term security and give their children better opportunities.

Young adults from low-income house­holds, espe­cial­ly those of col­or, are often exclud­ed from tra­di­tion­al path­ways to wealth build­ing — such as home­own­er­ship or high-wage jobs — that enable fam­i­lies to accu­mu­late savings.

Racial wealth gaps between white fam­i­lies and fam­i­lies of col­or have per­sist­ed for decades in the Unit­ed States. In 2019, the medi­an white fam­i­ly had a net worth of $184,000 com­pared to just $38,000 for Lati­no fam­i­lies and $23,000 for Black families.

Addi­tion­al­ly, young adults who are strug­gling to afford bills and oth­er day-to-day expens­es are more like­ly to accrue heavy debt that may fol­low them through­out their adult lives. It’s also impor­tant to note that the debt held by peo­ple of col­or is more like­ly to be harm­ful, more like­ly to involve the court sys­tem and more like­ly to have spillover non-finan­cial consequences.

Between August 2020 and May 2022, as many as 55% of Lati­no young peo­ple, 65% of Black young peo­ple and 41% of white young peo­ple had trou­ble mak­ing ends meet.

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