HomeBlogsCatholic Reporter: Income drops 2 times faster for Asians, Latinos & Blacks

Catholic Reporter: Income drops 2 times faster for Asians, Latinos & Blacks

Money & dollars A new national study has found the income levels plummeted more than twice the rate for Asians, Latinos and blacks compared to whites between 2005 and 2011.

According to the National Catholic Reporter a study released by the Center for Global Policy Solutions, these minorities were hit with a “quadruple whammy.”

“You have the racial gap in pay, the gender gap in pay, the ageism gap in pay and predominantly single-income households,” says Maya Rockeymoore, president of the Center for Global Policy Solutions.

The study found median household income dropped 58 percent for Latinos, 48 percent for Asian Americans, 45 percent for African Americans — but only 21 percent for whites.

Asians loss nearly half their home equity during the period between 2005 and 2011, but averaged $19,500 in cash reserves. They had slightly larger checking accounts than whites, but trailed in retirement income and other financial assets.

What does all this mean for the retirement years. You can read about that in the National Catholic Reporter.

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