Black and Latino Single Moms Have Median Wealth of Zero

Most average Americans have seen their bank accounts suffer during the recession, but were single mothers of color hit the hardest?

We talk about poverty in our community quite a bit, but what about the accumulation of wealth — the balance between assets and debt? In some groups, according to one NYU study, it’s not being accumulated at all — at least that’s the case for single mothers. Researchers from NYU’s Women of Color Policy Network found that single mothers possess 4 percent of the wealth of single dads. Stats on black and Latino single moms are particularly staggering. While white single mothers have a median wealth of $6,000, black and Latino single mothers have a median wealth of zero. Yes, zero. Single mothers, as Colorlines‘ headline notes, have been “crushed” by the recession. The report points to the Paycheck Fairness Act, better enforcement of rules and laws prohibiting racial and gender discrimination, and programs to improve the financial literacy of low-income women of color as possible solutions to this grave problem.

Read more at Colorlines.