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

The racial wealth gap is growing larger, highlighting a significant issue where many workers of color lack retirement savings, exacerbating existing disparities. Research from The Pew Charitable Trusts reveals that the median wealth gap between Black, Hispanic, and white families increased by about $50,000 from 2019 to 2022. This troubling trend underscores systemic economic inequalities that could have long-term implications for social mobility and financial security, particularly for future generations.