Racial wealth gap widens as many workers of color lack retirement savings

The racial wealth gap is growing, highlighting a significant issue where workers of color often lack retirement savings compared to their white counterparts. The Pew Charitable Trusts found that the median wealth disparity between Black, Hispanic, and white families ballooned by around $50,000 between 2019 and 2022. This trend underscores systemic inequalities that affect financial security and future prosperity, pointing to a need for more inclusive policies to bridge these gaps.