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

The racial wealth gap has significantly widened as many workers of color continue to lack retirement savings, deepening the economic divide. Research from The Pew Charitable Trusts shows that the median wealth gap between Black, Hispanic, and white families increased by about $50,000 from 2019 to 2022. This growing disparity highlights systemic inequalities in access to financial resources and opportunities, which could have long-term implications for economic mobility and stability for these communities.