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Chart source: United Way of Greater Richmond & Petersburg Equity Data Series
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Chart source: United Way of Greater Richmond & Petersburg Equity Data Series
The United Way of Greater Richmond & Petersburg’s latest Equity Data Series installment reveals numerous income disparities throughout the region. The report (yourunitedway.org/what-we-do/equity-data-series-income/) focuses on four categories: unbanked and underbanked individuals, poverty thresholds, homeownership, and asset poverty. It is part of the organization’s commitment to examining inequities across the region.
The report reveals that nearly 30% of Black residents in greater Richmond and Petersburg live below 200% of the poverty line, and people without bank accounts may spend $40,000 in fees just to cash paychecks over the course of their lifetimes.
Though Black people make up 29% of the region’s population, they account for nearly half of all individuals experiencing poverty. Latinx individuals comprise 6% of the population but account for 15% of individuals experiencing poverty. Black and white youth, by comparison, account for 30% and 56% of the population, respectively, but they account for 58% and 29% of total youth experiencing poverty.
“Poverty continues to be an enormous problem in our region,” James Taylor, president and CEO of United Way of Greater Richmond & Petersburg, said in a statement, “but we must also understand the widening income disparities and their effect on so many people in our community. It’s clear we have a long way to go, and we’re committed to doing our part to tackle these crucial issues.”
United Way currently funds 15 programs at 14 local nonprofits that are fighting barriers to equitable income. Its total 2020-22 investment for income equity is $565,000.