Hardship withdrawals from retirement accounts are increasing, with 6% of U.S. workers affected, and disproportionately impacting Black and Hispanic households due to the racial wealth divide.
Tag: White households
Posted inCOMMUNITY
The hidden costs of being Black in AmericaÂ
Black consumers often face higher costs for everyday financial services, from banking fees to insurance premiums. Experts say those added expenses can quietly compound over time alongside the persistent, ever-growing racial wealth gap.
Posted inFinancials
The retirement gap: Why Black Americans face an uphill battle in saving for the futureÂ
Despite working for decades, many Black Americans reach retirement with significantly less savings than their White counterparts. A 2024 study finds that unequal access to employer-sponsored plans, lower wages and greater economic hardships have fueled this growing racial retirement gap.
