THE CAUSE: Highlighting racial disparities in retirement savings during National Financial Literacy Month by supporting The Alpaugh Family Economics Center who create informed outcomes through the implementation of economic and financial literacy programs for K-12 students and teachers.
THE CHALLENGE: For every 62 active minutes tracked between 4/1/24 to 4/30/24, we will donate $1 to The Alpaugh Family Economics Center up to 6200 total minutes across all participants. After we’ve reached 6200 minutes of activity, we will donate 80% of any donation received on or before 4/30/24 11:59 PM EST. This challenge ends at 11:59 PM EST on 4/30/24. Challenge submissions will be accepted until 5/2/2024 at 11:59 PM EST.
THE WHY: Did you know that retirement savings disparities based on race are a significant issue in the United States? It's true! According to the National Institute on Retirement Security (NIRS), many households of color have little to no retirement savings, and those that do often have significantly less than white households.
African American and Hispanic households are particularly affected, with a large majority having no retirement savings compared to white households. For example, a whopping 62% of African American households and 69% of Hispanic households have no retirement savings at all, compared to just 37% of white households. This gap is concerning and highlights the need for action.
So, what can we do about it? Well, addressing these disparities requires more than just individual effort; it demands systemic change. Ultimately, ensuring everyone can enjoy a comfortable retirement isn't just a personal responsibility—it's a societal one.
Let's work together to address retirement savings disparities and ensure everyone has the opportunity to retire with financial security. Join us in this challenge, where we not only strengthen our bodies but also work towards a more equitable future for all.
April 2024 Challenge Sources
Banerjee, S. (2024, March). Race, retirement, and the savings gap. Retire with Confidence, T. Rowe Price. Retrieved from https://www.troweprice.com/content/dam/retirement-plan-services/pdfs/insights/race-retirement-and-savings-gap/Race-Retirement-Savings_Gap_Insights.pdf
Markowitz, A. (2023, October 18). The Racial Retirement Gap in 7 Facts: Persistent disparities across American economic life squeeze Black workers’ opportunities to save for retirement. AARP. Retrieved from https://www.aarp.org/retirement/planning-for-retirement/info-2023/racial-savings-wealth-gap.html
Rhee, N. (2013, December). Race and Retirement Insecurity in the United States. National Institute on Retirement Security. Retrieved from https://www.nirsonline.org/wp-content/uploads/2017/07/race_and_retirement_insecurity_final.pdf
Wills, S. (2024, February 02). Retirement Savings by Race: Wide disparities exist between White and non-White future retirees—a "racial retirement wealth gap". Investopedia. Retrieved from https://www.investopedia.com/retirement-savings-by-race-5086962