Stocks Are Soaring, And Most Black People Are Missing Out

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Chart shows the share of households that own stock by race and ethnicity.

 

NEW YORK (AP) — Americans who own stocks are pulling further away from those who don’t, as Wall Street roars back to record heights while much of the economy struggles. And Black households are much more likely to be in that not-as-fortunate group that isn’t in the stock market.

Only 33.5% of Black households owned stocks in 2019, according to data released recently by the Federal Reserve. Among white households, nearly 61% did so. Hispanic and other minority households also are less likely than white families to own stock.

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Many reasons are behind the split. Experts say chief among them is a longstanding preference by many Black investors for safer places to put their money — the legacy, some say, of decades of discrimination and fear. Also, many were never taught what they were missing out on.

“We didn’t have a grandfather or aunt or uncle or mom and dad educating us on the markets because they didn’t benefit from it because of historical discrimination in this country,” said John Rogers,…



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