4 Facts About Black Women And Money
Black women are the most educated group in the U.S (when you look at the number of Associate and Bachelor degrees obtained). For example, the National Center for Education Statistics reported that from the academic years 2000–2001 to 2015–2016, the number of bachelor's degrees awarded to Black students increased by 75%. The number of associate degrees earned by Black students increased by 110%. Yet, Black women somehow still earn less in comparison to their peers. Here are four facts about Black women and money.
1 — A 2019 STUDY BY MADAME NOIRE FOUND 60% OF BLACK WOMEN ARE ACTIVELY INVESTING IN THEIR FUTURE BY SAVING MONTHLY.
The study assessing the financial behavior of Black women polled more than 500 Black women 18 years of age and older to learn more about their money habits. Despite negative rhetoric on Black women’s net worth the study revealed:
Approximately 78 percent of women have a retirement plan and are actively making contributions.
Approximately 15 percent of those polled earmark 11-20% of their monthly income for savings.
Readers between the ages of 18-29 are twice as likely as any other group to save 20 percent or more of their income.
2 — 60% OF BLACK WOMEN AGREE THEY ARE MORE LIKELY TO PURCHASE BRANDS THAT SUPPORT A CAUSE THEY CARE ABOUT.
In 2017, a report conducted by Nielson on African-American Women: Our Science, Her Magic revealed Black women keep their community and familial values in mind when it comes to being consumers. In fact, they are conscious consumers supporting brands and companies that give back to and that do no harm to their environment, community, family, and health.
3 — BLACK MOM BREADWINNERS HAVE THE LARGEST GENDER PAY GAP OF ANY COHORT OF WOMEN, IN THE U.S BLACK MOM BREADWINNERS EARN:
34 cents for every dollar earned by Asian breadwinner dads
44 cents for every dollar earned by white breadwinner dads
52 cents for every dollar earned by Black breadwinner dads
In 2020, the Fast Company released an article studying the social and economic impact of racial injustice on Black mom breadwinners. In 2018, data presented by A Center for American Progress found that 67.5 percent of Black mothers are the sole breadwinners of their families.
4 — POLICIES ARE AN IMPORTANT PART OF IMPROVING THE ECONOMIC MOBILITY OF BLACK WOMEN.
Reflecting on the unique barriers Black women experience, Rep. Bonnie Watson Coleman (D-N.J.) once said “African American women face unique barriers,” she said. “[We] tend to earn less money than our white female counterparts and lack access to the very policies that are needed to fulfill our responsibilities.”
While the discussion on Black women and money is a complex conversation that factors in race, education, access, politics, and socio-economic positions, Black women continue to show progress in their financial journey, despite the lack of conversations highlighting their advancements. One thing that’s for certain is the history of racialized capitalism and the failure to address historic policies that have hindered the economic progress of the Black community has greatly shaped the financial outcomes of Black women. Still, Black women keep their family and community at the center of their financial decisions.
