The Culture Corner is a chance for us to focus on and highlight a specific piece of diversity, equity and inclusion (DEI) work. It is a monthly publication from the DEI Department to facilitate difficult conversations surrounding racism, bias and discrimination with your teams.
“Race is a culturally structured systematic definition of a way of
looking at, perceiving and interpreting reality.”
– Professor Audrey Smedley
A Message to Managers
This Culture Corner newsletter is meant to be shared with your team members as the basis for a group discussion and feedback session. For suggestions on how to faciltate your meeting, please contact DEI manager Briandi Little at BDLittle@KaleidaHealth.org or 716-859-2826.
Thank You
The Racial Wealth Gap and Financial Stability
WEEK 1: Background
Wealth is more than just jobs. Among other factors, it includes:
- annual median income
- homeownership
- access to a college education
- access to workplace or self-employment retirement plans
The racial wealth gap in the United States is staggering. According to the U.S. Federal Reserve, white families have an average net worth of more than $934,000, compared to Black families with an average net worth of $138,000, and Hispanic families with an average net worth of $191,000. These figures consider assets like homes, vehicles, income, retirement accounts, and other wealth-related items.
Contributing to the wealth gap are factors like income inequality, earnings gaps, homeownership rates, retirement savings, student loan debt, and inequitable asset building opportunities. This inequity in financial resources exists in our community, holding many back for decades, simply because of the color of their skin.
DID YOU KNOW ...?
60 percent of POC* households in WNY have incomes below the ALICE threshold - they earn above the Federal Poverty Level, but struggle to afford basic household necessities. In comparison, only 36 percent of white households in WNY have incomes which put them below the ALICE threshold. Source: ALICE Report: 2018
*POC = Asian, Black, Hawaiian, Hispanic, American Indian/Alaska Native, and/or two or more races
WEEK 2: Watch “Explained | Racial Wealth Gap.” (17 minutes)
WEEK 3: Explore these data graphs by the Urban Institute about wealth inequality in America. Looking at all of the data together, what story is this telling you? (10 minutes)
WEEK 4: Check out Vox Media’s visual explanation of the wealth gap and how cuts to tax rates for the rich have led to drastic inequality in the last 50 years. (10 minutes)
Questions for discussion:
What beliefs do you think contribute to Americans underestimating the racial wealth gap?
- What policies (local, state, or federal) are you aware of that contribute to the widening of the racial wealth gap?
If you are in need of additional support for Culture Corner, please contact the DEI Department by using the DEI Request Form.
Additional Resources