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Abstract
This study explores the intersectionality of being Black and female in the context of wealth accumulation. It focuses on the roles of education, gender roles, and risk tolerance in Black women's wealth-building efforts. By examining the intersection of race and gender, the study investigates how risk tolerance mediates wealth status among Black women. Multivariate analyses were used to evaluate the research hypotheses. Findings indicate that income is crucial for wealth accumulation among Black women, and risk tolerance significantly enhances human capital. Key factors such as wealth, education, and gender role attitudes are linked to risk tolerance. Contrary to much existing literature, Black women demonstrate a higher degree of risk tolerance compared to non-Black women. Wealth and education mediate Black women's risk tolerance, which also moderates the relationship between being a Black female and wealth status, directly influencing wealth status. Despite these findings, Black women hold less wealth than their non-Black counterparts, though the wealth gap narrows with increased risk tolerance. The study suggests that financial planners, counselors, and educators should emphasize education and risk literacy for Black women. Researchers should further investigate the socio-economic factors influencing wealth, education, and gender role attitudes among Black women. Policymakers should consider incentivizing human capital accumulation through tax credits, subsidies, and direct tuition payments for Black women.