The study by the Financial Health Network and the Chicago Community Trust found that Black and Latino residents are three to four times more likely to be financially vulnerable — unable to save and pay bills — as their white counterparts.
The disparities found in the study are almost double the national average, where around 20% of Black and Latino Americans are likely to be financially vulnerable, compared with 12% of whites.
The Chicago Community Trust, a community foundation that aims to close the racial wealth gap in Cook County, funded the study. Among those with household incomes of $100,000, only 40% of Black and 44% of Latino residents are considered financially healthy — able to easily save — compared with 69% of white and 62% of Asian residents.
For many Black and Latino residents, the hardships of being financially vulnerable include around half of survey participants reporting that they are unable to pay all of their bills on time and about four in 10 reporting that they experienced food insecurity over the past year.
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