There's a 'commonly offered myth' that financial literacy will close America's racial wealth gap. It's wrong.
shows that 54% of employed Asians worked in management, professional, and related occupations — the highest-paying major occupational category — compared with 41% of employed whites, 31% employed Blacks, and 22% of employed Hispanics., Lynette Hoag, a Black lawyer and writer, described the discrimination she faced in trying to launch her legal career, despite attending a nationally top-ranked law school.
"Addressing racial wealth inequality will require a major redistributive effort or another major public policy intervention to build black American wealth," they write.
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