Black families face unique, racist barriers to creating wealth, from homeownership to business ownership, says Salene Hitchcock-Gear, president of individual life insurance at Prudential.
To work towards closing the racial wealth gap and building generational wealth for Black Americans, it's important to understand what obstacles stand in the way.
Black Americans face lower median credit scoresWhile the credit scoring system was created to take the bias out of lending, it's become yet another hurdle that prevents many Black Americans from building wealth.
The bottom lineAfter many generations of being excluded from wealth-building, Black Americans still face a unique set of challenges stemming from racial discrimination.
However, making homebuying and financial literacy more accessible could start to narrow the wide racial wealth gap in the US, and help Black families build generational wealth.