Women of color face many unique financial challenges that must be taken into account when planning for their future. One of the most significant challenges is the wage gap. According to a report from the National Women’s Law Center, in 2015 women of color made only 63 cents for every dollar earned by white, non-Hispanic men. This disparity is even greater for Latinas, who only made 54 cents on the dollar. The wage gap has a major impact on a woman’s ability to save for retirement and other long-term goals.
Another challenge that women of color face is discrimination in the lending market. A study by the Federal Reserve found that African American and Hispanic homebuyers are less likely to be approved for a mortgage than their white counterparts. This is often due to lenders using biased criteria when considering loan applications from people of color. As a result, women of color often have to pay higher interest rates on loans, which can make it difficult to manage debt and save money over time.
Another challenge that women of color face is discrimination in the lending market. A study by the Federal Reserve found that African American and Hispanic homebuyers are less likely to be approved for a mortgage than their white counterparts. This is often due to lenders using biased criteria when considering loan applications from people of color. As a result, women of color often have to pay higher interest rates on loans, which can make it difficult to manage debt and save money over time.
