Blacks, Latinos hold few investments | New American Dimensions

We will be examining the Census data for California on Wednesday. Today, the topic is money and investing.

With the exception of the very rich, most Americans have been adversely affected by the great recession and housing bubble bust. Although the recession hurt all Americans, its toll was especially severe among African Americans and Hispanics, who were most likely to lose jobs, face foreclosures and lose health insurance coverage.But even in good times, a new poll finds, there is a great disparity between Blacks and Hispanic populations and everyone else in terms of investing.

Only 46 percent of blacks and 32 percent of Hispanics said they had an individual retirement account or any similar retirement arrangement, according to a new Washington Post-Kaiser Family Foundation-Harvard University poll. Half of whites said they had stocks, bonds or mutual funds, and two in three said they had IRAs, 401(k)s or similar holdings.

This poll shows yet another aspect of the gaping wealth disparities separating the races.

Not only are African Americans and Hispanics less likely than whites to own retirement accounts or investment securities, they also are far less likely to own homes. And when they do own homes, they tend to have less equity in them. But the biggest disparity is at work, not just in terms of income, but in retirement plans.

From the Washington Post:

The previous economic expansion was marked by weak job growth and income gains only for the very best-paid workers. A series of studies have found that the lack of wealth and the smaller incomes typically earned by African Americans and Hispanics - whose median incomes, respectively, are only 82 and 73 percent that of whites - limits how much they save for retirement.

When blacks and Hispanics participate in retirement plans at work, the study found, they save less. In addition, both African Americans and Hispanics were far more apt than whites to tap their retirement money to deal with financial emergencies, further eroding their retirement security, the Ariel-Hewitt study found. Minorities also are more likely to stick to conservative investments, which historically pay far less over the long haul.

Studies have found that although blacks and whites have roughly equal access to retirement plans at work, Hispanics trail far behind. And even when they do have access, African Americans and Hispanics are less likely than white and Asian workers to participate in them, according to a 2009 report by Ariel Education Initiative and Hewitt Associates.

We can assume that children will learn the majority of their financial lessons from their parents and grandparents. It is not about luck. It's about education. Financial literacy - including investing and how to get better jobs with investment pland - needs to be taught in schools, and especially in schools with students from lower incomes, early. If you are not versed in the market, you tend to not invest. You'll maintain your principal and not take a risk in investing.

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