7 Ways Racism Is Ruining Americans’ Financial Lives

In this episode, Chelsea lists some major ways systemic racism impacts Americans’ financial lives, from racist practices such as redlining to predatory lending practices. This is by no means an exhaustive list, but hopefully helps shed light on how inequitable American society was designed to be — because we can’t talk about personal finance without talking about both the disadvantages and privileges we are born into.

Racial wealth gap: https://inequality.org/facts/wealth-inequality/

Racial Economic Inequality


https://www.benjerry.com/whats-new/2016/systemic-racism-is-real

History of Jim Crow laws: https://www.crf-usa.org/black-history-month/a-brief-history-of-jim-crow

Home ownership statistics: https://inequality.org/facts/racial-inequality/

Blacks and Hispanics face extra challenges in getting home loans

Redlining: https://www.cbsnews.com/news/redlining-what-is-history-mike-bloomberg-comments/

“reverse redlining” and predatory lending: https://mjrl.org/2016/11/02/reverse-redlining-and-the-destruction-of-minority-wealth/

Mortgage discrimination: https://www.cbsnews.com/news/mortgage-discrimination-black-and-latino-paying-millions-more-in-interest-study-shows/

Blacks and Hispanics face extra challenges in getting home loans

Student debt statistics: https://inequality.org/facts/racial-inequality/
https://www.businessinsider.com/us-systemic-racism-in-charts-graphs-data-2020-6#educational-opportunities-remain-starkly-split-by-race-13

Honors classes racial gap: https://www.theatlantic.com/politics/archive/2014/12/the-race-gap-in-high-school-honors-classes/431751/

Median income: https://www.cnn.com/2020/06/03/politics/black-white-us-financial-inequality/index.html

Unemployment rates: https://www.businessinsider.com/us-systemic-racism-in-charts-graphs-data-2020-6#the-unemployment-rate-has-also-spiked-for-all-racial-groups-in-the-us-during-the-coronavirus-pandemic-and-is-especially-high-for-black-americans-2

Racial wealth gap: https://www.payscale.com/data/racial-wage-gap-for-men

Medical costs and bankruptcy: https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-for-bankruptcy.html

Health care costs: https://tcf.org/content/report/racism-inequality-health-care-african-americans/?session=1&agreed=1

Fact Sheet: Health Disparities by Race and Ethnicity

Race and gender wage gaps: https://www.businessinsider.com/us-systemic-racism-in-charts-graphs-data-2020-6#the-wage-gap-between-races-also-interacts-with-the-gender-wage-gap-between-men-and-women-10

Racial Economic Inequality


https://www2.census.gov/programs-surveys/cps/tables/time-series/historical-poverty-thresholds/thresh19.xls

Watch more of The Financial Diet hosted by Chelsea Fagan here: https://www.youtube.com/playlist?list=PLD30V46E07RR99cC0gCjKUbt-BKoDUcnc The Financial Diet site: http://www.thefinancialdiet.com

The Financial Diet site: http://www.thefinancialdiet.com

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