Income Inequity: By the Numbers
A September 2020 Citi GPS report, “Closing the Racial Inequality Gaps,” highlights inequity data.
Peak income occurs sooner and is lower for black males than white. Black males top out between 45 and 49 years of age at $43,859.
- White males top out at 50-54 years old with $66,250 in income. (Census Bureau, Federal Reserve)
- 17% of blacks and 13% of Hispanics participate in defined benefit plans (often through unions), while 401(k) plans garner 28% of Hispanic workers and 33% of blacks. (Federal Reserve Board, Citi Research)
- 71% of whites say they are long-horizon savers/investors, contrasted to 53% of blacks and 52% of Hispanics. (Federal Reserve Board: Exploring the Racial Wealth Gap Using the Survey of Consumer Finances)
- 23% of whites say they are risk tolerant, contrasted to 15% of blacks and Hispanics. (Federal Reserve Board: Exploring the Racial Wealth Gap Using the Survey of Consumer Finances)
- Only 46% of blacks and 49% of Hispanics have bank accounts, compared to 77% of whites. (FDIC National Survey of Unbanked and Underbanked Households)
- 43% of blacks have student loan debt, contrasted to 24% of whites and 26% of Hispanics. (Federal Reserve Board Survey of Household Economics and Decisionmaking, Citi Research)