CHARLOTTE, N.C., Aug. 11, 2020 /PRNewswire/ -- LendingTree®, the
nation's leading online loan marketplace, released its study
highlighting the financial disparities between Black and White
Americans. The analysis finds that there is large economic
inequality across income, wealth, savings, and credit
opportunities.
Key findings
- The average income for Black men is 33.7% lower than that of
white men in America's 50 largest metros. The average income
for Black women is 17.5% lower than that of white women.
- Black and white income gaps persist across different
sectors. In finance and insurance — which includes occupations
in banking, investing and insurance-related activities — Black
people earn an average income 36.9% lower than that of white
people. And in educational services — made up of teachers and
professors at all education institutions — Black people earn 8.4%
less on average.
- Across all income levels, Black adults are more than twice
as likely to be denied credit (44%) or denied or approved for less
than requested (57%) than their white counterparts at 19% and
24%, respectively.
- The average cumulative student loan debt borrowed by Black
undergraduate students who graduated is $36,919, 20% more than the $30,731 borrowed by white undergraduates.
- The median net worth for Black people grew by 29% from 2013
to 2016 — the most recent three-year period for which data is
available — despite falling substantially in the 2007-to-2010 and
2010-to-2013 periods. The median net worth for white people rose
17% in the 2013-to-2016 period.
Tendayi Kapfidze, Chief Economist at LendingTree, adds, "It's
encouraging that Americans are having these conversations more
openly and with more vigor and purpose. Highlighting these racial
disparities shows that systemic issues have held back generations
of our fellow citizens. It is ultimately to the detriment of
everyone as the economy is deprived of our best efforts by denying
opportunities to many capable people. The creation of these
disparities was and is often government-sanctioned and enforced,
and so they should be addressed via legislative remedies in
addition to societal change."
To view the full report, visit
https://www.lendingtree.com/debt-consolidation/black-and-white-disparities-study/
Methodology
LendingTree analyzed 2018 Bureau of Labor
Statistics data, 2020 Economic Policy Institute report, various
Federal Reserve data, 2020 Federal Reserve Bank of St. Louis data, 2017 National Center for
Education Statistics report, 2020 Pew Research Center report and
U.S. Census Bureau. All data is the most recently available.
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student loans, insurance, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Nelson
Garcia
Nelson@LendingTreeNews.com
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SOURCE LendingTree