New data just released by JPMC research using voting data and savings accounts to paint a clearer picture of the racial wealth gap. I was given a sneak peak of the report a while back and here are the big findings:

Median Black and Hispanic families earn roughly 70 cents in take-home income for every dollar earned by White families, and racial gaps in earnings are largest for higher-income and older account holders.

Racial gaps in liquid assets are twice as large as gaps in take-home income. They persist across the income spectrum and are widest in the 65+ age cohort.

Black women face the greatest gap in take-home income and liquid assets compared to White men, but racial gaps are larger among men than women.

Something to think about especially now: After involuntary job loss, Black and Hispanic families cut their everyday spending more so than White families, differences that are explained by racial gaps in liquid and financial asset buffers.

Another thing to think about now: Black and Hispanic families increase their spending much more than white families after receipt of tax refund. And on what?

families with less than $500 in their checking account increased their healthcare spending by 220 percent in the week after their tax refund arrived, 20x more than those with more than $3,600 in their checking account, who increased their healthcare spending by just 11 percent

Here is the full report: https://institute.jpmorganchase.com/institute/research/household-income-spending/report-racial-gaps-in-financial-outcomes#finding-1

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