Insights | 03.31.21
Longstanding Savings Gaps by Race, Ethnicity Persist
Data from the Employee Benefit Research Institute (EBRI) shows that not every race/ethnic group is amassing similar levels of wealth within retirement plans such as 401(k)s. According to analysis of the Federal Reserve's triennial Survey of Consumer Finances, just over half of families had an individual account-style retirement plan in 2019. However, the likelihood of having a retirement plan is significantly lower for families with Black/African American family heads than for families with white, non-Hispanic heads. The discrepancy is even greater for families with Hispanic heads.
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