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The Ever-Growing GAP: Without Change, African-American and Latino Families Won't Match White Wealth for Centuries

August 9, 2016

This report examines the growing racial wealth divide for Black and Latinos households and the ways that accelerating concentrations of wealth at the top compound and exacerbate this divide. We look at trends in wealth accumulation from 1983 to 2013, as well as projections of what the next thirty years might bring. We also consider the impact public policy has had in contributing to the racial wealth divide and how new policies can close this gap.

Women Lack Sufficient Wealth to Achieve Economic Stability

August 1, 2016

Women own, on average, only 32 cents for every $1 owned by a man. Women of color have even less. With only $200 and $100 in median wealth, African American and Latina women, respectively, own less than one cent for every $1 owned by a white man. So while Americans are right to advocate for narrowing the gender wage gap, these figures demand that we address another gap that threatens women's economic security: the gender wealth gap.Numbers to KnowWomen own 32 cents for every $1 men own.Women are 80% more likely than men to live in poverty upon retirement.Low-wage working mothers' income decreases 7% for each child.

Retirement Gap: Americans Struggle to Save

July 28, 2016

Every day, 10,000 Baby Boomers enter retirement, hoping to maintain their quality of life while they are no longer working. Unfortunately, saving for retirement and stretching retirement income has become increasingly difficult, leaving far too many American households with little to no retirement savings.Numbers to Know:Fifty percent of Americans age 55 and older don't have any retirement savings.Two-thirds of older Americans who live in poverty are women.Median retirement savings for African-American and Latino households near retirement (age 55-64) totals $0.

Strengthening VITA to Boost Financial Security at Tax Time and Beyond

June 22, 2016

At the beginning of every year, the vast majority of American households turn their attention to the ritual of filing their federal and state income tax returns. Some see it as a civic duty, others as a burdensome chore. But for tens of millions of low- and moderate-income families and individuals, tax time represents a springboard to economic opportunity and financial security.Key PointsEvery year, the VITA program helps millions of low- and moderate-income Americans file their taxes for free.The VITA program is driven by thousands of community organizations nationwide, which leverage a modest federal grant matched with significant local investment.VITA tax preparation has the highest accuracy rate of any tax preparation service, and VITA has increased the number of returns filed every year since the program was authorized.There is an overwhelming demand for VITA services, but VITA sites need more flexibility to innovate and respond to local community needs.Congress, the Administration and states should expand VITA and make key reforms to spur local innovation.

Unstacking the Deck: Toward Financial Resilience for African-American Entrepreneurs in the South

June 22, 2016

This field scan marks the beginning of a research-driven initiative led by CFED: Toward Financial Resilience for African-American Entrepreneurs in the South. This initiative aims to create and enhance solutions that help financially vulnerable African-American entrepreneurs weather cash flow difficulties and achieve financial well-being through business ownership. Through interviews with over 30 practitioners who serve African-American entrepreneurs in the South, we pieced together a more complete understanding of the problem we aim to solve. We explored the ways in which these practitioners' clients experience cash flow difficulties, the drivers that cause these difficulties and the solutions currently in place to address them.

Homeownership is Still Out of Reach for Millions of Households

June 7, 2016

Homeownership has long been the leading source of household wealth in the U.S. However, the most recent housing crash stripped many Americans of much of their wealth, as home values plummeted and millions of homes went into foreclosure. These losses were especially painful for homeowners of color, who lost a greater share of wealth in the crash and have rebuilt their wealth more slowly in the recovery. Now, as the housing market recovers and interest rates remain low, many Americans find themselves without the savings or access to credit necessary to be able to purchase a home. Although homeownership is not the best option for every household, many Americans who could greatly benefit from it are still excluded.

State Profile Nebraska: Assets and Opportunity Scorecard

February 11, 2016

The Assets & Opportunity Scorecard is a comprehensive look at Americans' financial security today and their opportunities to create a more prosperous future. It assesses the 50 states and the District of Columbia on 130 outcome and policy measures, which describe how well residents are faring and what states are doing to help them build and protect assets. The Scorecard enables states to benchmark their outcomes and policies against other states in five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.

State Profile Kansas: Assets and Opportunity Scorecard

February 5, 2016

The Assets & Opportunity Scorecard is a comprehensive look at Americans' financial security today and their opportunities to create a more prosperous future. It assesses the 50 states and the District of Columbia on 130 outcome and policy measures, which describe how well residents are faring and what states are doing to help them build and protect assets. The Scorecard enables states to benchmark their outcomes and policies against other states in five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.

State Profile Wisconsin: Assets and Opportunity Scorecard

January 29, 2016

The Assets & Opportunity Scorecard is a comprehensive look at Americans' financial security today and their opportunities to create a more prosperous future. It assesses the 50 states and the District of Columbia on 130 outcome and policy measures, which describe how well residents are faring and what states are doing to help them build and protect assets. The Scorecard enables states to benchmark their outcomes and policies against other states in five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.

State Profile Arkansas: Assets and Opportunity Scorecard

January 28, 2016

The Assets & Opportunity Scorecard is a comprehensive look at Americans' financial security today and their opportunities to create a more prosperous future. It assesses the 50 states and the District of Columbia on 130 outcome and policy measures, which describe how well residents are faring and what states are doing to help them build and protect assets. The Scorecard enables states to benchmark their outcomes and policies against other states in five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.

State Profile Louisiana: Assets and Opportunity Scorecard

January 28, 2016

The Assets & Opportunity Scorecard is a comprehensive look at Americans' financial security today and their opportunities to create a more prosperous future. It assesses the 50 states and the District of Columbia on 130 outcome and policy measures, which describe how well residents are faring and what states are doing to help them build and protect assets. The Scorecard enables states to benchmark their outcomes and policies against other states in five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.

State Profile North Dakota: Assets and Opportunity Scorecard

January 28, 2016

The Assets & Opportunity Scorecard is a comprehensive look at Americans' financial security today and their opportunities to create a more prosperous future. It assesses the 50 states and the District of Columbia on 130 outcome and policy measures, which describe how well residents are faring and what states are doing to help them build and protect assets. The Scorecard enables states to benchmark their outcomes and policies against other states in five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.