Overcoming financial roadblocks like not making enough and unexpected expenses can make improving their financial condition hard for many people, including Black Americans.
Conquering the barricades can be more burdensome for people of color than their non-diverse peers for several reasons. For instance, Black families are less likely to own a home that can be used as an asset to generate wealth. They typically have higher debt levels than others.
Statistics help illustrate why taking steps to erase financial roadblocks is critical. Roughly 27% of Americans have overspent to influence someone else. The median household income in 2022 for Black American families was around $53,000, much less than over $80,000 for White families. As such, that makes the racial wealth gap even more unpleasing for Blacks.
Further, Black borrowers, on average, generally have lower credit scores than their White borrowers. That is important, for example, as it makes it harder for Blacks to get a…
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