Despite progress and big dreams, American Black women still face barriers to building generational wealth. Goldman Sachs One Million Black Women (OMBW) released a national survey focused on understanding the economic mobility journey for Black women and their opportunities for building generational wealth. The results illustrate that Black women are continuing to pursue higher education; however, they face the weight of combating systemic obstacles towards accruing wealth for themselves and their families.

Debt, housing costs and limited career advancement opportunities were among the most-cited challenges for Black women in the second OMBW survey of 1,200 respondents from across The United States. Highlights include:

• Despite 84% of Black women completing at least some college education (vs. 86% national average), 50% report yearly household incomes of less than $75,000 (vs. 35% of U.S. adults).
• Only 49% of Black women own homes compared to 65% of U.S. adults.
• Nearly one out of every three Black women have a part-time job, or side hustles, in addition to their full-time employment.
• Only 49% of Black women currently have retirement savings compared to 61% of U.S. adults.
• Just 17% of Black women feel their interests are being well represented by Washington policymakers, despite the majority believing that federal policies should advance economic mobility for all Americans.

“Advancing these everyday issues would not only benefit Black women, but all Americans. That is why we must advocate for systemic change because, in effect, we are creating systems that help cultivate a beloved community and promote a more equitable and inclusive future for generations to come,” said Dr. Bernice A. King, CEO of The King Center in Atlanta and the youngest daughter of Dr. Martin Luther King, Jr.

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Source: Goldman Sachs