Cobb Global Outreach, Inc.

Cobb Global Outreach Inc. aspires to decrease the wage gap by providing scholarships and education about financial literacy to the youth and young adults of color, particularly in junior and high school students.

Vision

Our vision at Cobb Global Outreach Inc. is to see every junior high and high school in the United States offer financial literacy to their students.

Mission

Our mission is to educate middle and high school students about financial literacy. We believe that by providing them tools and resources related to financial literacy it will help to narrow the wealth gap. Cobb Global Outreach Inc. believes in education and inclusion for all Americans.  

Key Statistics

  • “In 2016, the median black household had $18,000 in net worth, compared with $171,000 for whites.” - Greg Ip. (2020) For African Americans, a Painful Economic Reversal of Fortune. Wall Street Journal. 

  • “The median wealth for a white family was $188,200 in 2019, compared to $24,100 for Black families and $36,100 for Hispanic families, according to the Federal Reserve’s 2019 Survey of Consumer Finances, released in September 2020.

  • “Black Americans can expect to earn up to $1 million less than white Americans over their lifetime, based on a 2019 study by McKinsey & Co. found.” Michelle Fox and AJ Horch. (2020) Black leaders offer several key steps to help close the racial wealth gap. - CNBC

  • Less than 17% of students were required to take at least one semester of personal finance in high school. via Mint

 

Poverty Statistics

  • 18.8%: Poverty rate among Black Americans, 2019. 

  • 9.1%: Poverty rate among white Americans, 2019.

  • 15.7%: Poverty rate among Hispanic Americans, 2019.

  • 7.3%: Poverty rate among Asian Americans, 2019.

Education Statistics-

  • 24%: Percentage of Black population with a bachelor's degree or higher, 2017. 

  • 38%: Percentage of white population with a bachelor's degree or higher, 2017. 

  • 17%: Percentage of Hispanic population with a bachelor's degree or higher, 2017. 

  • 38%: Completion rate for Black students starting at 4-year universities, 2017.

  • 62%: Completion rate for white students starting at 4-year universities, 2017.

  • $23,400: Average amount of student-loan debt at graduation for Black students who have earned their bachelor's degrees.

  • $16,000: Average amount of student-loan debt at graduation for white students who have earned their bachelor's degrees. 

  • $52,726: Average amount of student-loan debt four years after graduation for Black college graduates. 

  • $28,006: Average amount of student-loan debt four years after graduation for white college graduates. 

  • 40%: Percentage of Black college graduates who take on debt to pay for graduate school.

  • 22%: Percentage of white college graduates who take on debt to pay for graduate

  • school.

-Benz, C. (2020) 100 Must-Know Statistics About Race, Income, and Wealth. July 7, 2021

Household Net Worth Statistics

  • $24,100: Median household net worth, all Black households, 2019. 

  • $189,100: Median household net worth, all white households, 2019.

  • $36,050: Median household net worth, Hispanic households, 2019.

  • $10,010: Median household net worth, Black households where household head completed high school only, 2016.

  • $100,600: Median household net worth, white households where household head completed high school only, 2016.

  • $26,800: Median household net worth, Hispanic households where household head completed high school only, 2016.

  • $52,301: Median household net worth, all other households where household head completed high school only, 2016.

  • $68,300: Median household net worth, Black households where household head has college degree, 2016.

  • $391,000: Median household net worth, white households where household head has college degree, 2016.

  • $73,910: Median household net worth, Hispanic households where household head has college degree, 2016.

  • $368,600: Median household net worth, all other households where household head has college degree, 2016. 

  • 10%: Percentage of Black families that have received an inheritance, 2019. 

  • 30%: Percentage of white families that have received an inheritance, 2019.

  • 7%: Percentage of Hispanic families that have received an inheritance, 2019.

  • 41%: Percentage of Black households that could get $3,000 from family or friends. 

  • 72%: Percentage of white households that could get $3,000 from family or friends. 

  • 58%: Percentage of Hispanic households that could get $3,000 from family or friends.

Retirement & Retirement Assets Statistics-

  • 35%: Percentage of Black families with retirement savings, 2019. 

  • 57%: Percentage of white families with retirement savings, 2019. 

  • 26%: Percentage of Hispanic families with retirement savings, 2019. 

  • 17%: Percentage of Black families with retirement savings, 1989. 

  • 44%: Percentage of white families with retirement savings, 1989. 

  • 16%: Percentage of Hispanic families with retirement savings, 1989.

  • $35,000: Median balance for Black families with retirement accounts, 2019. 

  • $80,000: Median balance for white families with retirement accounts, 2019. 

  • $31,000: Median balance for Hispanic families with retirement accounts, 2019.

  • 33%: Percentage of Black families participating in a 401(k)-style defined-contribution plan, 2016.

  • 51%: Percentage of non-Hispanic white families participating in a 401(k)-style defined-contribution plan, 2016.

  • 28%: Percentage of Hispanic families participating in a 401(k)-style defined-contribution plan, 2016.