A 2015 Federal Reserve Bank of Boston report showed the median net worth for African American households was $8 compared to $247,500 for white households — now Boston leaders are working on updating the study and improving the wealth divide that still exists in Boston and beyond.
Prabal Chakrabarti, executive vice president of the Federal Reserve Bank of Boston, told Jim Braude on Greater Boston that the 2015 study was "a flare that went up and launched many efforts."
Future studies will build off those efforts and look at additional demographic groups, Chakrabarti said. "It's incredibly important to allow people to participate in the labor market, the ability to borrow for a student loan, to get a higher paying job."
Nicole Obi, the chief executive of Black Economic Council of Massachusetts, noted that in addition to the wealth gap, there are far more white homeowners than homeowners of color. Although she believes the 2015 study didn't provoke quite enough action, she said she has hope for the future.
"There are changes that are happening and there are people who are in decision-making roles who are helping to move us further," Obi said.
Watch: Years after report showed $8 net worth for Black households in Boston, what has been done?
