Wednesday, December 9, 2015
Blacks and Hispanics may be more optimistic than whites about their financial future, but their financial present is typically much bleaker
A CNN/Kaiser Family Foundation poll found that 55% of blacks and 52% of Hispanics said that it was easier for them to achieve the American Dream than their parents. That's compared to only 35% of whites. Blacks and Hispanics still typically earn far less than whites, in part because whites dominate higher-paying fields, such as technology and finance. The income gap has held fairly steady for the past 40 years. When it comes to wealth, the difference is staggering. Whites have roughly 10 times the wealth of blacks and Hispanics. Over the past 25 years, the wealth gap between blacks and whites has nearly tripled, according to research by Brandeis University. Just under 11% of white children were in poverty in 2013, but 38% of black children and 30% of Hispanic children are poor.