Business

Black Women Face Challenges in Building Wealth

Published

11 years ago

April 7, 2015

By Jazelle Hunt
NNPA Washington Correspondent

WASHINGTON (NNPA) – Black women are the only group that has not recovered the jobs they lost in the recession. Five years into national recovery, the unemployment rate for Black women has even risen a little since December, from 8.2 percent to 9.2 percent.

On the flip side, employment brings its own unique difficulties for Black women, too.

According to a new report commissioned by Essence magazine, 80 percent of Black women surveyed believed that they could not advance in their careers without altering aspects of their identities. Additionally, 57 percent believed that they had to “look a certain way” to be promoted, compared to 39 percent of White women who thought similarly.

And while Black women are more optimistic, ambitious, and self-confident in their careers than their White counterparts, they are much more likely to say they are different at home than they are at work.

“…[T]he additional hurdle of real or perceived stereotypes complicates the work experience. The conversation around work/life balance for Black women also impacted by the reality of pay inequities and higher levels of unemployment in our communities which may necessitate working multiple jobs to make ends meet,” says Essence editor-in-chief Vanessa K. De Luca.

“We know that African-American women are three times as likely to be head of household in comparison to the general population, therefore success at work is both a personal and an economic priority.”

One thing that holds true for Black is the challenge of building wealth.

The median wealth, or net worth, among single Black women is just $100; and if they are raising minors they have no wealth at all, according to a recent analysis of data from the federal Survey of Consumer Finances. In fact, nearly half of all households headed by a single Black woman in 2007 had zero or negative wealth.

The median wealth among single White women is $41,500 and only climbs as they age. Meanwhile, 1 in 4 Black women over the age of 65 who receives Social Security benefits rely on it as their only source of income.

“Wealth is something like a security package,” says William Darity, economics professor at Duke University, speaking on a panel sponsored by the African American Policy Foundation (AAPF). “For those who lack wealth, they find themselves in precarious, vulnerable situations…and those faced by Black women are perhaps more severe.”

Recession job losses hit Black women especially hard, since most of the downsizing took place in the service and public sectors where Black women are overrepresented. Additionally, wages have stagnated as the cost of living continues to rise, from housing to childcare to education.

Even if wages had been growing, the wage gap persists – and not even education can bridge the chasm. Consider: Black women with master’s degrees earn slightly less than Black men with bachelor’s, and White men, Asians, and Latinos with associates or post-secondary degrees, according to data from the 2013 Census Current Population Survey.

And even without the gap, wages alone are not enough to build wealth.

“The major way in which people acquire significant wealth in this country is through inheritances or gifts,” Darity says. “When people say Black people are somehow inferior, or are doing something wrong as to why they don’t have wealth, that is completely wrong.”

Alternatively, wealth can be generated through strategic investments, such as land ownership, stock, appreciating valuables (such as wines and collectibles), and even creating or backing successful start-ups. Black people tend to have poor access to these avenues. Wage disparities do not leave much disposable income for these options, and traditional lenders are notoriously predatory and/or discriminatory to Black people seeking funding.

A high net worth offers cushion from unexpected emergencies, and allows families to rely less on individual paychecks for financial stability. Because of this, social safety net programs are often the only thing keeping middle- and lower-class Black families from sliding into destitution when living check-to-check fails.

“The cruelty is… in these same policies that purport to help,” says George Lipsitz, chair of the AAPF board and board member of the National Fair Housing Alliance, also speaking on the panel. “They prosecute Black women for their poverty…deprive them of their parental rights, and it’s all made possible by the litany that people who have problems are the problem.”

As justice movements bubble up around the country, issues affecting Black women are gaining more attention. With recent reports such as “Black Girls Matter: Pushed Out, Overpoliced, and Underprotected”; “Black Women in the United States, 2015”; and “In Our Own Voice: Black Women on Abortion, Contraception and Reproductive Justice,” researchers are laying the tracks for change with conclusive, targeted data.

“We have to challenge the narrative that because we have historically overcome obstacles, there is no need to remove these obstacles,” says Janine Jackson, program director for Fairness & Accuracy In Reporting and moderator of the AAPF panel. “We have to figure out, what would a new economic agenda that addresses these obstacles look like?”

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Activism

The Ladies of Delta Sigma Theta Hold Day of Advocacy at the Capitol in Sacramento

A member of the “Divine Nine,” Delta Sigma Theta Sorority, Inc., was founded on Jan. 13, 1913, at Howard University in Washington, D.C. The organization was established by 22 women who sought to shift the group’s focus from social activities to public service, academic excellence, and social activism.

Published

5 minutes ago

May 17, 2026

Oakland Post

Sen. Laura Richardson (D-San Pedro) presents a Senate resolution to the Delta Theta Sigma Sorority Farwest Region at the State Capitol on May 4. Photo courtesy of the Senate Rules Committee.

By Antonio Ray Harvey, California Black Media

On May 4, members of the Farwest Region of Delta Sigma Theta Sorority, Inc., convened at the California State Capitol for the organization’s 23rd annual Delta Days in Sacramento.

The two-day advocacy event brings together chapters from across California to engage directly in the legislative process, connect with lawmakers, and advocate for policies impacting Black communities.

Members of the sorority were honored on the Senate floor by Sen. Laura Richardson (D-San Pedro), who is also a member of Delta Sigma Theta.

Richardson welcomed the Farwest Region during the presentation of a Senate resolution recognizing outgoing Regional Director Kimberly Usher for her leadership and service.

“In addition to the Far West Region, we are led by a fearless leader, regional director Kimberly Usher. She has now served her full term of what’s allowed,” Richardson said. “We are going to be having our regional conference, but we wanted to give it to her here, officially recognizing her service.”

The resolution was co-authored by Richardson and fellow members of the California Legislative Black Caucus (CLBC) and Delta Sigma Theta, Sen. Akilah Weber Pierson (D-San Diego) and Assemblymember Rhodesia Ransom (D-Stockton).

Usher has served in the leadership role since 2022.

“We are founded on sisterhood that is deeply rooted in scholarship, service, and social action,” said Weber Pierson, a member of the Gamma Alpha chapter of Delta Sigma Theta Sorority.

“Today, we continue a legacy of empowering communities and upholding the high cultural, intellectual, and moral standards established by our founders over a century ago,” she added.

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Bay Area

How Is AI Affecting California? The State Wants You to Share Your Story

The program marks the first time the state has opened the platform to all Californians. State officials said the effort is designed to give residents a direct role in discussions about how AI should be regulated and used as the technology rapidly expands across industries.

Published

36 minutes ago

May 17, 2026

Oakland Post

iStock

By Bo Tefu, California Black Media

Gov. Gavin Newsom announced May 7 that California is expanding its Engaged California digital democracy initiative statewide, inviting residents to help shape future state policies on artificial intelligence (AI) and its impact on jobs and the economy.

“We’ve got to be clear-eyed about this moment: AI is moving fast, bringing enormous opportunity, but also real risks,” Newsom said in a statement. “Californians deserve a seat at the table as we shape what’s to come.”

The initiative will roll out in two phases. Beginning immediately, Californians can sign up online to share how AI is affecting their work and communities and provide ideas for possible government action. Later this summer, a smaller group reflecting the state’s workforce demographics will participate in live discussions focused on developing policy recommendations.

State officials said the goal is to identify areas of agreement among Californians and provide policymakers with public feedback as the state develops future AI regulations and workforce strategies.

Engaged California is modeled after digital democracy programs used in Taiwan and is intended to encourage structured public discussion rather than social media-style debate. Officials described the effort as a form of “deliberative democracy” aimed at helping residents engage directly in state decision-making.

“The more Californians are engaged in the democratic process, the better able we’ll be to confront the challenges we face together,” said Nick Maduros, California Secretary of Government Operations, in a statement.

The statewide launch builds on two earlier pilot programs. One pilot gathered public input following the Los Angeles firestorms to help guide recovery efforts, while another collected ideas from state employees about improving government operations.

California has positioned itself as a national leader in AI policy and development. Since 2023, the Newsom administration has introduced initiatives focused on responsible AI use in government, cybersecurity protections, workforce training and regulations targeting risks such as deepfakes and AI-generated robocalls.

The state has also partnered with companies in Silicon Valley — including NVIDIA, Google, Adobe, IBM and Microsoft — to expand AI education and workforce training programs across California schools and universities.

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Advice

Book Review: Books for College-Bound Students

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and these books will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be.

Published

2 hours ago

May 17, 2026

Oakland Post

Book covers. Photo courtesy of Terri Schlichenmeyer.

By Terri Schlichenmeyer

Authors: Various, Copyright: c.2026, Publishers: Various, SRP: $21.00 – $29.00, Page Counts: Various

The videos and news reports were inspiring.

In them, a hesitant prospective college student became a happy, new college-bound student with the click of a key. They were accepted into the college of their dreams – so how can you get the same feeling next spring, when you’re the one with the highest of hopes?

You can start by reading these great books and sharing them with your family…

You probably already know that getting into the college of your choice is not something you do last-minute. In “The People’s Guide to College Applications: A Week-by-Week Approach to Writing, Connecting, and Getting in” (Prometheus Books, $ 21.95), Jill Constantino takes you through each step, but not in a frantic way. There’s no pressure here, just easy-to-grasp, makes-sense methods to apply for the college you want. There are reminders here, things you can’t forget and things you can, hints on asking for referrals and writing essays, and plenty of reminders to take a deep breath. Bonus: it’s also a book for parents, who may feel just as much pressure as their child does.

Okay, but let’s say that you’re an adult, a parent who’s sweating those college applications, classes, and the FAFSA for yourself, ugh! Then you’ll want to read “Student Parent: The Fight for Families, the Cost of Poverty, and the Power of College” by Nicole Lynn Lewis (Beacon Press, $26.97). an urgent call meant for nontraditional students who are also Black, Latinx, gay, Moms, or Dads.

Inside this book, you’ll find stats and stories that may already sound familiar, tales of not enough money, not enough support, not enough arms or sleep or resources. If you’re looking for a book of advice, this isn’t it, though. It’s more of a resource that you’ll want to take to your guidance counselor or any local politician.

Alright, but what if you’ve decided that college can wait? Is that okay? Look for “The Mission Generation: Reclaim Your Purpose, Rewrite Success, Rebuild Our Future” by Arun Gupta and Thomas J. Fewer (Wiley, $29.00) because – guess what? – you have many options for your future.

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and this book will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be. This book isn’t just for high schoolers, but for anyone ages 16 and beyond who’s feeling restless, ready for change, or who’s thinking about some kind of purposeful retirement.

And if these aren’t the college-based or not-college-bound books you need, then be sure to ask your favorite bookseller or librarian for help on ideas, how-to’s, test prep books, or study guides. They’ll have books for you, and maybe a little inspiration, too.