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PROGRAMSUCCESSx13MAY2012PAGE9WealthGapWidensforWomenEspeciallyMinoritiesJenniferFraziercanpointtotheexactmomentwhenherfinancialstabilitycamecrashingdown.ItwasNovember2010andFrazieraleadinspectorwiththeBridgeportHealthDepartmentgotcaughtinthemiddleofthecityx19splantoplugan8millionbudgetgapthroughunionconcessionsorlayoffs.x1cIgotlaidoffandthatprettymuchstartedmydownfallformex1dsaidFrazierduringararebreakinthemiddleofarecentspringafternoon.Whenher38000salarywentawayFrazieralsolostherhealthinsurancegotmonthsbehindonhermortgagepaymentsandhadtostretchanunemploymentchecktopayforutilitieschildcaregroceriesandotherexpenses.Alltooquicklythe36-year-oldsinglemomrealizedthatthe4000inhersavingsaccountwasjustnotenough.x1cFinancialplannerssayyoushouldhaveatleastsixmonthsofmonthlypaymentsinsavingsbutthatx19snotrealisticx1dFraziersaid.x1cNotforme.AndnotforanyoneIthink.x1dAfterthelayoffFrazierwasoneunemploymentcheckawayfromdisaster.Manywomenare.Womenarefarmorefinanciallyvulnerablethanmen.NotonlydowomeninConnecticutearn76percentofwhatmenearnbutwomenarelesslikelythanmentohavetheassetsx14homesavingsaccountcaranythingthatcanbeusedtopaybillsx14tohelpkeepthemafloatifincomedisappearsaccordingtoresearchbyformerHarvardUniversityprofessorMarikoChang.ShespokerecentlyaboutwomenandthewealthgapataWomenx19sDayforumatthestateCapitol.ForminoritywomensuchasFrazierwhoisAfrican-Americanthegapisevenworse.Changx19sresearchshowswomenarelesslikelythanmentohavejobsthatofferbenefitslikehealthinsuranceorretirementaccounts.Theyarealsomorelikelytofinanciallysupportachildorparent.Andwhilethemedianincomeformenandwomenisnarrowingthepictureisworsewhencomparingmedianwealthwhichismeasuredbysubtractingapersonx19sdebtfromhisorherassets.Datashowmenx19smedianwealthisnearly20000whilewomenx19smedianwealthisaghastly1550.ForAfrican-Americansthemedianwealthwasjust100in2007andforHispanicwomenitwas120.Newdatatobereleasedsoonwilllikelyshowevenmoremind-bogglingnumberssaidChangauthorofthebookx1cShortchangedWhyWomenHaveLessWealthandWhatCanBeDoneAboutIt.x1dThankfullyforFrazierherlifesettleddownwhenthecityofBridgeporthiredherbackinJune2011.Butbeingunemployedfornearlysevenmonthschangedherlifeforever.Sheisstillstrugglingtocatchupandwillsoonhavenewdebttopayoffx14100000instudentloanswhenshecompletesherstudiestowardamasterx19sdegreeinsocialworkfromFordhamUniversity.Itx19stimegovernmentofficialsturntheirattentiontonarrowingthewealthgapandputinplacepoliciesthatcanhelpwomenandminoritiesbuilduptheirassets.Fraziertriedtodoeverythingright.Shetriedtosavemoneypayherbillsontimeandearnadegreethatcouldgetheroutofthesoul-suckingpaycheck-to-paycheckexistence.Sheshouldbeabletogetaheadandhaveafairchanceatanincomex14andwealthx14levelthatmenareabletoenjoy.