Video: The Wealth Gap Holding Back Central Ohio Women
We’ve heard the statistic: white women earn 77 cents for every dollar a man makes; black women just 62.5 cents; and Hispanic women just 54.4 cents. But the gender gap goes far beyond wage, according to a new study from the Women’s Fund of Central Ohio. Women aren’t just earning less than their male counterparts, they also own less.
The Women’s Fund’s latest study, Assets for Equity: Building Wealth for Women in Central Ohio, examines the gender wealth gap. Defining wealth as what is owned minus what is owed, the study finds that single women own just 40 cents for every dollar their single male counterparts own. Hispanic women own just 8 cents, and black women own just 2 cents.
The study, which used local focus groups as well as state and national data, examines the causes of the wealth gap, such as higher student loan and medical debt, disparities in financial literacy, and the persistence of racist or sexist policies keeping women, and especially women of color, from accumulating wealth at the same rate as men. It also looks at the recommendations for reducing the wealth gap, including ending predatory loaning practices, offering affordable healthcare and childcare, and eliminating barriers to homeownership.
CU recently sat down with Women’s Fund CEO and President Kelley Griesmer to take a deeper dive on the wealth gap and its impact on central Ohio women. Listen in to this week’s episode to learn more. And don’t forget to subscribe to the Columbus Underground YouTube channel for more video interview updates.