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As millions of Americans find themselves without job earnings, and the global pandemic (COVID-19) rages across America, many corporate and foundation influencers are assessing their role in repairing the damage the crisis will have on underserved communities.
Ariel Investments Founder & Co-CEO John Rogers Jr. stated before a congressional subcommittee the problem facing America succinctly when he says that “between 1992 and 2016, college-educated whites saw their wealth soar 96 percent while college-educated Blacks saw theirs fall 10 percent.”
During its 50th anniversary celebration, INROADS provided a platform for the unveiling of research that shows its impact on America’s Racial Wealth Gap. For more than 50 years INROADS has been a vehicle for connecting underrepresented and talented youth to wealth. Research shows that INROADS has contributed to the rise of Black C-suite executives and start-up founders in America — one example being Thasunda Duckett, CEO of Consumer Banking, JPMorgan Chase.
According to CareerTrackers, INROADS’ relentless pursuit of connecting the underrepresented to wealth-accumulating activity shows promising results in closing America’s racial wealth gap. As a research sample, INROADS alumni attain greater levels of wealth than that of their white, college-educated counterparts. As found in the 2016 Survey of Consumer Finances, approximately 37% of college-educated white households have a net worth range of $500k - $5m. In comparison 40% of INROADS alumni have the same net worth range. Research also reveals that 71.3% of white families own their homes. INROADS alumni outpace this with 76% of their alumni being homeowners.
“I believe it is great that corporate America and foundations are answering the call for the repairing of injustices by pledging $100 million to $1 billion to Black businesses and other efforts. But, the reality is that giving of those funds will be a missed opportunity if they are not used to connect the underserved to wealth — similar to JPMorgan Chase’s Advancing Black Pathways. INROADS is an irreversible solution for corporations and foundations looking to close racial wealth disparities,” says Forest Harper, Jr., president and CEO, INROADS, Inc.
“America’s racial wealth gap is unmistakably the end result of failures both in the public and private sectors, as well as unique historical roadblocks along the path toward generational wealth accumulation for Black people. Closing this gap, which is centuries in the making, requires commitment and innovative thinking on the part of public policymakers, nonprofit organizations and corporations,” says Adam Davids, Fulbright Scholar and researcher at CareerTrackers.
To see the entire research presentation, visit https://www.dropbox.com/s/hbggutlndd8y0e8/%2316-VIDEO%204%3A%20Adam%20Davids.mp4?dl=0
Background Research from St. Louis Federal Reserve
Wealth inequalities in America have continued to grow. According to the St. Louis Federal Reserve, income inequalities have widened among whites, Blacks and Hispanic/Latinx populations since 1989. In 2016, the average white family possessed nearly 10 times the net worth of a black family, and 7.5 times the wealth of a Hispanic family. That same year, the Federal Reserve reported that black families possessed a net worth of $17,600, compared to $171,000 for white families.
Founded in 1970, INROADS develops and places talented youth in business and industry, preparing them for corporate and community leadership that affects community renewal and social change and elevates economic status and quality of life. INROADS has placed students in over 154,000 paid internships throughout its history, and graduated over 30,000 alumni into full-time professional and leadership positions with over 1,000 corporate partners. Currently, INROADS serves 800-1,300 interns and 200 corporate clients. To learn more, visit INROADS.org.
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SOURCE INROADS Inc.