Inflation Hitting Black Families Harder Than Any Other Group

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FILE - Dollar bills are shown in New York, Oct. 24, 2016. Our emotional reactions to money, based on past experiences and mistakes, can interfere with our ability to make smart money decisions today. To address those emotions, several new books advocate strategies such as conducting body check-ins, rewriting your own money story and reflecting on past financial mistakes. (AP Photo/Mark Lennihan, File)
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Inflation is hitting Black families harder than any other group. CNN reports the Black community will continue to suffer because we lag behind white counterparts in income, wealth, financial savings, and home ownership. Economists are concerned that lawmakers must act soon on inflation or Black families may go without necessities as recession gets closer and closer.

The median wealth of a white household is about $188,000, which is 7.8 times more than the average Black household at $24,000. In 2019, the home ownership rate for whites was about 73% compared to just 42% for Blacks.

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