Goldman Sachs One Million Black Women (OMBW) issued a national poll aimed at understanding black women’s financial journeys and potential for generating generational wealth and found that there are still major hurdles.
The findings show that black women are persisting in their pursuit of higher education, but they still have to overcome structural barriers in order to build wealth for their families.
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This is part of OMBW’s ongoing effort to elevate the voices, perspectives, and experiences of black women.
The second OMBW poll, Financial Futures: One Million Black Women Generational Wealth National poll, found that among the most often mentioned obstacles facing black women were debt, housing prices, and a lack of possibilities for job growth.
The purpose of the nationwide poll, which drew responses from 1,200 people nationwide, was to raise awareness of black women’s achievements, aspirations, and obstacles to achieving their goals.
Key points consist of:
- Black women are seeking common strategies of achieving wealth, such as higher education, part-time work, and property ownership, but these choices can come at a steep cost;
- 28% of black women have more than $50,000 in school loans, compared to 11% of US adults;
- Although 84% of black women completed some college education (in contrast to national average of 86%), 50% report yearly household incomes of less than $75,000 (compared to 35% of US adults);
- Compared to 65% of American adults, only 49% of black women are home owners, and
- Only 49% of black women have retirement savings, compared to 61% of American adults.
Goldman Sachs One Million Black Women is a public policy programme that involves investing and giving grants, as well as gathering survey data and elevating the voices of black women to spur policymakers into action.
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By GlobalDataOMBW is bringing in prominent voices to further the discussion on closing the racial wealth gap and provide ideas for policy solutions. Dawn Staley, a Hall of Fame coach, and player for women’s basketball, teamed up with OMBW last November.
Bernice A. King, CEO of The King Center in Atlanta and the youngest daughter of Martin Luther King, Jr., lends her strong message in a new national advertising campaign and invites others to do the same to inspire change.
“Advancing these everyday issues would not only benefit Black women, but all Americans. That is why we must advocate for systemic change because, in effect, we are creating systems that help cultivate a beloved community and promote a more equitable and inclusive future for generations to come,” said King.
In an effort to get lawmakers’ attention through a NIL advocacy campaign, women’s basketball champion Angel Reese will keep elevating the opinions of black women throughout the nation starting next month.
