Wealth is the difference between what families own—for instance, their savings and
checking accounts, retirement savings, houses, and cars—and what they owe on credit
cards, student loans, and mortgages, among other debt
Black households have a fraction of the wealth of white households, leaving them in a
much more precarious financial situation when a crisis strikes and with fewer economic
opportunities.
Wealth allows households to weather a financial emergency such as a layoff or a family
member’s illness. The pandemic brought multiple such emergencies to American
families across all demographics. However, the lack of financial security combined with
disproportionate exposure to the deadly coronavirus has had especially disastrous
results for the Black community.
Wealth also provides families the means to invest in their children’s education, to start a
business, relocate for new and better opportunities, buy a house, and have greater
participation in the democratic process.
Many households in Black communities cannot afford to pay for reliable internet or
electronic devices to facilitate remote learning
White workers have been more likely to work remotely during the pandemic and have
resources to devote to their children’s remote learning environment, while Black
workers are more likely to still be going to work in person.