Five Ideas to Help Narrow the Racial Wealth Gap

According to the The Federal Reserve’s 2016 Survey of Consumer Finances the median net worth for Black households was only $17,600, one-tenth of the $171,000 median for non-Hispanic white households; since 1995 African Americans have narrowed the college completion gap by 15 percent but the net worth gap has widened by 4 percent; the statistics point to the terrible inequality that still exists in America today and that wide reaching change is desperately needed; Forbes lays out five big ideas that need to be considered; two of them—improving access to capital for Black-owned businesses and reparations for descendants of slaves—aim directly at historic and current barriers that have made it so hard for African-Americans to build wealth; three others—Baby Bonds, partial student debt forgiveness and incentives for emergency savings—would help any Americans, particularly young ones, struggling to build assets without the cushion of inherited wealth; there is always a lot of lip service paid in times of crisis, now is the time for less talk and more action to make the country fairer for all. Forbes.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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