Financial Health Pulse Chicago 2022 Report - Examining Racial and Ethnic

2 While the majority of the FHN report focuses on racial disparities between Black and Latinx residents and white residents in Cook County, FHN has included data on Asian residents where sample size allows and where differences are notable (Asian people comprise 7% of Cook County’s population and represent a wide range of nationalities and backgrounds). [...] Other 2% 2% 0% 1% *Statistically significant difference relative to white households (p < 0.05) Black and Latinx buyers face higher hurdles to homeownership: One of the reasons for this homeownership FIGURE 3: PERCENT OF HOUSEHOLDS WHO gap is that mortgages are harder to get for Black and Latinx RECEIVED HELP IN BUYING THEIR HOME applicants, and they pay higher interest rates than similar white bu. [...] Black and Latinx families in the region are roughly four times more likely than white households to rely on these high-cost services, and according to FHN’s FinHealth Spend Report 2022, spend greater portions of their income on fees and interest than white households. [...] Below are some of the ways The Chicago Community Trust is working to improve financial health and grow wealth for Black and Latinx residents by increasing assets and income while reducing debts. [...] • Financial Services and Supports: Supporting organizations that build financial knowledge and improve access to financial products for Black and Latinx residents and small business owners.