BLACK HISTORY MONTH BlackWomenomics

According to the Goldman Sachs 2021 Womenomics report, here is the highlight of research findings that informed corporate decisions and became a premise and a springboard to embark on the One Million Black Women Initiative

1 Black women face a 90% wealth gap.

Due to complex historical factors and ongoing discrimination, Black Americans and especially Black women remain heavily disadvantaged across a broad range of economic measures, including wealth, earnings, and health The median Black household owns nearly 90% less wealth than the median white household and the gap is even slightly larger for single Black women relative to single white men

2. Large earnings gap drives much of the wealth gap.

Lower levels of earnings for Black households account for about two-thirds of the average wealth gap, while the remainder is largely explained by financial factors, including access to capital and investment opportunities, personal finances, financial information, and housing. Black women generally make less in the labor market

3 Earnings gap is widening again

Using a statistical model, Goldman Sachs' research found out that improved access to better-paying occupations and industries drove a substantial narrowing in the wage gap of Black women relative to white men in the 80s and 90s. Unfortunately, progress in closing the wage gap of Black women vs white men has stalled over the last two decades