Julian Bond Institute's "Ambition Without Access" surveyreveals the racial wealth divide stems not from lack of drive - but from barriers to access

/PRNewswire/ - Amid severe affordability hurdles in the U.S., a study unveiled today by the Julian Bond Institute for Financial Equity Research (JBI) refutes ideas that younger, multicultural cohorts lack the will to fuel economic growth.

The report - Ambition Without Access - shows young Black and Hispanic Americans pursue homeownership, business ventures, and generational wealth with enthusiasm matching or surpassing white peers. However, they attain these aims far less frequently because of the racial wealth divide and systemic obstacles to suitable, ethical financial tools. Across races, many Gen Z and Millennials grapple with instability, as fewer than half (48% Gen Z, 45% Millennials) feel positioned to save sufficiently for a secure retirement.

"The divide between financial goals and outcomes for young and minority groups is not about ambition. It concerns access to family wealth, fair credit, steady pay, and guidance through a system overlooking these populations. With America heading to a majority-minority landscape, addressing this is vital - morally and economically," stated Sara Weiss, JBI executive director and co-author.

"A clear trend spans the survey's sections. Race and generation both count, amplifying challenges at their overlap. The groups pioneering fintech use will shape finance by 2050. Lenders ignoring this risk obsolescence," noted Mitria Spotser, JBI president and co-author.

The JBI 2050 Survey, by NORC at the University of Chicago, polled 5,269 Americans, oversampling white, Black, Hispanic, and Asian respondents in Gen Z (18-28), Millennials (29-44), Gen X (45-60), and Boomers (61-79) for the first national snapshot of wealth aspirations by race and age.

Key insights include:

86% across races and ages target homeownership upon independence - but just 23% of Black Millennials who sought it succeeded, versus 51% of white Millennials.
67% Black Gen Z and 55% Hispanic Gen Z aim to launch businesses - nearly twice white Gen Z's 34% - yet 38% of stalled entrepreneurs cite lacking startup know-how.
77% Black Gen Z and 70% Hispanic Gen Z seek to leave inheritances, despite only 18-20% anticipating receiving one, against 33-38% for white and Asian Gen Z.
46% Black Millennials feel positive about family finances - exceeding white Millennials' 31% - amid scarcer resources, savings, and family aid.

Results urge financial providers to blend racial and generational factors in offerings, while urging policymakers to bridge access voids for an equitable system serving tomorrow's clients. Recommendations appear in the report.

"Young Black and Hispanic Americans often saw parents rely on alternative finance, unlike white and Asian peers whose families owned homes and funded early savings. The wealth chasm starts young, so institutions must innovate to prevent its persistence in upcoming economic pillars," said Candice Wang, CRL senior researcher and co-author.

Access the complete Ambition Without Access report for details.

For survey info or extra data, reach Alfred King at alfredking@jbi.org.

About Julian Bond Institute for Financial Equity Research (JBI): An arm of The Center for Responsible Lending (CRL), JBI crafts research rooted in communities to spotlight diverse financial realities, aiding institutions, officials, and scholars in future-proofing markets. It prioritizes voices to foster products and policies boosting security and wealth for everyone.

About CRL: This nonprofit, nonpartisan group champions financial equity, safeguarding homeownership and assets while curbing predatory practices and advancing inclusive options for family strength and stability.

CONTACT: Al King

SOURCE Julian Bond Institute