Financial well-being among Black and Hispanic women

Insights Report
Research Report

There is mounting evidence of minorities' financial struggles and persistent wealth gaps compared to whites, along with substantial gender differences in indicators of financial wellness.


Strategies specifically targeted to the financial needs and circumstances of Black and Hispanic women are more likely to help them overcome deeply rooted economic challenges. Nevertheless, little research exists to help understand the dynamics underlying these needs and circumstances. This paper aims to fill this knowledge gap by providing an in-depth analysis of Black and Hispanic women's financial well-being and the factors contributing to it.

Key Insights

  • Compared to white women, Black and Hispanic women are more likely to face economic challenges that depress financial well-being.
  • Differences in education, family structure, employment, and financial literacy all contribute to disparities in financial well-being among underrepresented female minorities.
  • A "one size fits all" approach to financial education is unlikely to address differences in financial well-being across sub-groups of women.

While Black and Hispanic women share some disadvantages, each group has unique needs.


The authors analyzed data from the 2018 wave of the National Financial Capability Study, a nationwide survey of approximately 27,000 U.S. adults.


Robert Clark

North Carolina State University

Hallie Davis

The George Washington School of Business

Annamaria Lusardi

GFLEC, The George Washington University

Olivia S. Mitchell

University of Pennsylvania

Sign up for the TIAA Institute newsletter

Get the latest research and insights straight in your inbox

We are sorry.

The service that receives your request is unavailable at the moment. Please try again.

Related Publications