Magazine article Black Enterprise

Embrace Your Power: Claim Your Financial Independence!

Magazine article Black Enterprise

Embrace Your Power: Claim Your Financial Independence!

Article excerpt

I would like to take the opportunity to congratulate all of our impressive Women of Power professionals, like you, who have made rather remarkable achievements despite the odds. Your journey has been marked by daunting challenges that have included confronting racism and sexism from managers and colleagues while meeting corporate objectives in a rapidly changing, competitive environment. By demonstrating proficiency, professionalism, and perseverance, many of you have been rewarded with career-advancing assignments and a series of promotions. For those who decided to become your own boss, you represent the nation's fastest-growing segment of entrepreneurs. In fact, the number of firms launched by African American women has grown more than 250% from 1997 to 2013.

Unfortunately, even with the growth and achievement levels in corporate and entrepreneurial business, the wealth status for African American women is in decline. A 2010 report from the Insight Center for Community Economic Development reveals a chasm between the median net worth of white and black women that's as wide as the Grand Canyon. The study found that while the median net worth of single white women ages 36-49 is $42,600-61% of the median wealth for white men of the same age and marital status--black women in the same demographic have a median wealth of a mere five dollars. Even worse, 46% of single black women ages 18-64 reported a zero or negative net worth versus 23% of single white women. One of the most alarming conclusions: Just one unpaid sick day or appliance repair could plunge half of these single black women into debt.

Despite significant career and entrepreneurial success, a large percentage of African American women do not have a single dollar socked away for emergencies and have not started the process of building a retirement nest egg. Institutional factors such as wage disparities; lack of fringe benefits in the workplace, or being targeted by predatory lenders all have affected the wealth status of black women. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.