Comments by "Elizabeth Loveland" (@Shineon83) on "DW News"
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One grievously underestimated contributing factor to the “racial wealth gap” is a generalized ignorance regarding basic money management—including basic investing and the importance of savings to future wealth outcomes….
A 2010 study (which is ongoing) comparing the “wealth accumulation” of different groups over time, found that among African Americans, Latinos, and recent Asian immigrants, within ten years, the Asian immigrants had accumulated 15X the wealth of African Americans, and 9X the wealth of Latinos. Particularly striking was the rate of savings between the three groups, with Asians saving, on average, 20% of earned income, Latinos, 12%….and African Americans, less than 2%….
What is important about the above study is that its results mimic other, similar ones….Whatever is decided upon in regards to reparations, serious thought must be put into adding money management courses as a mandatory requirement to a public school education….
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