Description
Given the relatively high rate of
unemployment and the impact of the housing crisis, many Black consumers have
less-than-perfect credit scores and significantly lower net worth than their
White counterparts. According to an article in CNNMoney, White Americans have
22 times more wealth than Black consumers – a gap that nearly doubled during
the Great Recession. The median net worth for Whites was $110,729 in 2010,
versus $4,995 for Blacks, which has major implications for Black consumers’
ability to build wealth.
To
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TABLE OF CONTENT
Scope and Themes
What you need to know
Definition
Data sources
Consumer survey data
Advertising
Abbreviations and terms
Abbreviations
Terms
Executive Summary
Figure 1: Current share and change
in purchasing power, by race/Ethnicity, 1990-2017
Figure 2: Attitudes about financial
services industry and own financial situation in last five years, by age, May
2013
Figure 3: Median net worth of
households, 2005-09
Figure 4: Types of financial
products/services used in last 12 months, by household income, May 2013
Figure 5: Attitudes of Black
banked/unbanked consumers, October 2011-November 2012
Figure 6: Reasons for not using
checks/debit cards in past 12 months, by age, May 2013
Contact
M/s Sheela
90 Sate Street, Suite
700
Albany, NY 12207
USA – Canada Toll
Free: 866-997-4948
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