Robert Clark, Annamaria Lusardi, Olivia S. Mitchell, and Hallie Davis
Summary: We provide an in-depth examination of the financial well-being of Black and Hispanic women and the factors contributing to it, using the 2018 wave of the National Financial Capability Study. We document meaningful differences between Black and Hispanic women versus White women, in that the former are more likely to face economic challenges that depress financial well-being, due in part to longstanding institutional biases. Controlling for differences in socio-demographic characteristics, there are additional factors that contribute to financial well-being for Black and Hispanic women compared to White women. These include differential impacts of education, family structure, employment, and financial literacy. Our results imply that extant financial education programs inadequately address the needs of Black and Hispanic women.