DeVaney, S. A., Anong, S. T. & Yang, Y. (2007). Asset ownership by black and white families. Financial Counseling and Planning, 18(1), 33-45. http://www.afcpe.org/doc/Vol1814.pdf

Brief Description: The study explored differences in ownership of homes, investment accounts, and retirement accounts by Black and White families. Greater education, income, and contact with financial institutions increased asset ownership for both groups. White families who saved regularly were more likely to own a home and to have investment and retirement accounts. Denial of credit was associated with less home equity. Both Blacks and Whites who had shorter planning horizons had smaller investment and retirement accounts.

Implications: Investment in education is a smart strategy for families and communities. Because access to and use of more financial institutions increases asset ownership, families should urge financial institutions to provide needed services and convenient locations to increase access. Educators and professionals should help families develop long-term financial goals and strategies to meet them.