JUST 29 DAYS

You can help us change the financial outlook of minority America.
Day 29

Day 29

[tweetdeck]Visit colorful.money year round for information on improving your finances. https://pbs.twimg.com/media/CcbE9rFW4AAdIb_.jpg[/tweetdeck]

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Day 28

Day 28

According to Prudential’s 2014 “Hispanic American Financial Experience” study, 62% of Hispanic American respondents say that there is no such thing as “good debt”.

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Day 27

Day 27

Wealth among blacks is more concentrated than with whites—the top 10 percent hold 67 percent of the wealth held by all blacks, compared with the top 10 percent holding 51 percent among white families. Source: Credit Suisse “Wealth patterns among the top 5% of African-Americans”

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Day 26

Approximately 8 in 10 African American (79%) and U.S. general population respondents (81%) have at least some type of personal debt.

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29 Days

Day 25

Between 1990 and 2013 thehigh school drop out ratefor Hispanics declined from32% to 12%; blacks declined from 12% to 7% and whites declined from9% to 5%. Source: U.S. Department of Education,National Center for Education Statistics

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Day 24

Day 24

Between 2010 and 2014, 64% of all black households were headed by single parents vs. 40% for Hispanics, 29% for whites and 17% for Asians. Source: U.S. Census Bureau.

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Day 23

Day 23

John Legend was right, there are more black men under correctional control today than were under slavery in 1850. The term “correctional control” includes those incarcerated; those awaiting trial; those on parole and those on probation. It is also fair to note that the black population has always grown since then.

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Day 22

Day 22

Among near-retirees with retirement assets, a typical household of color has one-fourth the retirement savings of a typical white household. Median amounts were $30K for people of color and $120K for whites.

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day 21

Day 21

In 2013 the average white family had more than $130,000 in liquid retirement savings compared to $19,000 for the average black family and $12,000 for the average Hispanic family.

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Day 20

Day 20

With a rate of 8.8% in January 2016, black unemployment DOUBLED that of whites. #29days

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Day 19

Day 19

For every dollar that a white man makes: Hispanic women earn 54 cents, black women earn 64 cents and Native American women earn 65 cents. Source: American Association of University Women, “The Simple Truth about the Gender Pay Gap”

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Day 18

Day 18

51% of black and 52% of Hispanic millennial and Gen X student loan borrowers would find a different way to pay for school. Some would prefer not attending at all than owing what they currently do in student loans.

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Day 17

Day 17

Differing education levels, lower incomes, and lower credit scores negative affect the home buying experience for blacks and Hispanics.

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Day 16

Day 16

Black and Hispanic men had average weekly earnings of $680 and $616 respectively compared to median income of $897 per week for white men.

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Day 15

Day 15

African Americans file Chapter 13 bankruptcies at almost two times the rate of any other group.

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Day 14

The median wealth of Hispanics decreased by 14.3% from $16,000 in 2010 to $13,700 in 2013. #29Days

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Day 13

Day 13

The racial and ethnic wealth gaps are at or about their highest levels observed in the 30 years for which the Pew Research Center has data.

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Day 12

Day 12

The median wealth of black households fell 33.7%, from $16,000 in 2010 to $11,000 in 2013.

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Day 11

Over the past 25 years, the wealth gap between blacks and whites has nearly tripled, according to research by Brandeis University ($91,405 for whites vs. $6,446 for blacks).

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Day 10

More than one in four Blacks live in poverty, while fewer than one in ten whites do.

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Day 9

Day 9

Nearly double (15% vs 8%) of college educated Hispanics used credit cards for cash advances compares to their white counterparts.

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Day 8

Day 8

Between 2005 and 2009, Hispanic household wealth fell by 66% while African American and white households fell 53% and 16% respectively.

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Day 7

Day 7

Minority and lower income home owners are more likely to pay 5% interest or more on their mortgages. This is at a time when mortgage rates have hit all time lows.

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Day 6

As of 2014, the home ownership rate for minorities as a group remains 25.5 percentage points lower than that of Whites. Source: “The State of the Nation’s Housing 2015”. Harvard University

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Day 5

Day 5

Only 62% of Hispanics had savings accounts and 19 percent had IRAs, compared to 81% […]

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Day 4

Day 4

While this is a positive statistic, the fact is that these savings come at the […]

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Day 3

Day 3

Just 23.4% of Hispanics earned $50,000 or more for full-time year-round work compared to 42.3% of the general population.

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Day 2

Day 2

Just 74% of American Americans participate in an employer sponsored retirement plan when offered. This compares to the participation rate of 85% of the general population when they are offered the same benefit.

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Day 1

Day 1

47% of African American respondents with a college education or higher have student loan debt. via @colorful_money #29days

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Want to help? You can join the movement at any time. Find out more information.

#29DAYS MOVEMENT

Colorful Money Magazine

www.colorful.money


We can change the color of finance

Disturbed by the state of financial affairs for people of color post the Great Recession, a group of personal finance writers, bloggers, coaches, teachers and authors have come together to affect change this month.

Join us as we highlight the numbers all during the month of February. A new image and fact will be displayed each day. Events designed to change how minority America views personal finance will take place all month long. We will host challenges, giveaways, Periscope videos and Twitter chats in addition to new stories every day on http://colorful.money

Please share.