CICF News

CICF News / 2012 / September / News Post
September 19, 2012
Minorities Lose Their Net

News on the recession often focuses on job numbers, employment programs and wages, but assets are another important indicator of the nation’s – and a family’s – economic health. A recently released infographic from George Washington University’s Face the Facts USA reveals that assets have decreased markedly in the recession.

Net Worth Disparity
The full infographic includes additional statistics on the decreasing net worth of US households.

 

From 2007 to 2010, the median net worth of American households decreased by $49,100, and minority households have been especially impacted. White households, on average, have a net worth almost 20 times the median net worth of African-American households and more than 14 times the net worth of Hispanic households. Increasing assets, in addition to income and job readiness, is a core goal of CICF’s Family Success efforts, especially at the Centers for Working Families. With many local families starting with negative net worth, Centers for Working Families sites provide education and support to clients. Clients at the Centers have achieved income gains of more than $1,000 and net worth gains of more than $4,000 through March 2012.

Read more about the Center for Working Families approach to asset building, job training and tax preparation support.