112: An Equitable Approach To Retirement | Retirement Mini-series pt. 2
The Bid
Diversity, Equity, Inclusion - Is Your Employees of Color Affected?
The defined contribution savings plan is a major source of wealth for many Americans. People of color tend to invest more conservatively than their white counterparts. 90% of employers in this survey failed to track the investment behavior of people by race and ethnicity. And then 80% of companies failed to target or customize their financial wellness programs to people of color.
In part 2 of our 3-part retirement mini-series, Anne Ackerley, Head of BlackRock’s Retirement Group moderates a live panel at the recent BlackRock Retirement Savings Summit, speaking to three leaders who are actively working to bridge the gender and race gap with regard to retirement savings.
Source: Mercer 2022 “Stepping Up For Equity”
Source: Hou, Wenliang, “Social Security is a Great Equalizer.” Center for Retirement Research at Boston College. January 2020;
Source: ICI Global Retirement Report Q2 2022
Source: Federal Reserve Economic Research Report Sep 28th 2020 Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances
Source: AARP Payroll Deduction Retirement Programs Build Economic Security, July 2022
Source: Aspen Institute Blog Oct 11th 2022 “We Can Advance Economic Equity Through Automatic Enrollment for Emergency Savings” Tim Shaw, Jason Ewas
Source: Ariel/Hewitt Study 2007 “A Study of 401(k) Savings Disparities Across Racial And Ethnic Groups”
Source: United States Government Accountability Report to The Special Committee on Ageing, March 2019 “Retirement Savings”
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