(AURN News) — The NAACP is launching a national campaign to help Black families move from earning income to owning assets and eventually passing those assets to the next generation.
Its new roadmap to generational wealth covers nine areas, including credit, savings, investing, homeownership, career advancement, retirement and estate planning.
The campaign addresses a wealth divide that a higher salary alone cannot erase.
According to the Federal Reserve’s latest Survey of Consumer Finances, the typical white family held roughly $285,000 in wealth in 2022. For the typical Black family, it was about $45,000.
That gap reflects generations when Black Americans were locked out of government-backed mortgages, higher-paying jobs, business capital and other opportunities that helped families accumulate property and investments.
NAACP President Derrick Johnson says the Trump administration has dismantled economic safeguards designed to help Black families build and preserve wealth.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @ebonymcmorris & @aurnonline.
