Wealth Disparity By Race: After 2008 Financial Crisis, Black And Hispanic Families Have Dwindling 401(k) Balances
Eight years out, a new study shows that the 2008 economic meltdown has had lasting impacts on the savings accounts of primarily black and Hispanic households in the U.S. In the near-decade since Lehman Brothers collapsed, signaling the start of a downward economic spiral, the balances of minority 401(k) accounts have dropped while white future retirees have seen little change in theirs.
Since 2007, the balance for 401(k) and similar types of plans held by African-American working households has dropped by at least $14,700 — from $31,100 to $16,400 in 2013 — according to a recent Government Accountability Office report. That’s compared to white working households, whose balances showed no significant changes, and they were roughly three times larger than those of blacks and Hispanics at the end of 2013…
Link to article