According to a recently released Brookings Institution Analysis of data from 2016, San Francisco is the third most unequal region in the US when it comes to income with families with high incomes earning 11 times more than families on the low end.
Assessor-Recorder for the city and county of San Francisco, Carmen Chu, says women who live in the city are getting a worse deal.
Chu cites how on average, women earn about 79 cents on the dollar compared to men, while women only own 32 cents on the dollar compared to men.
It’s even worse for women of color.
“This becomes a big problem when you think about the things women will be faced with. Many times women will live longer than their male counterparts and so if you don’t have retirement savings or if you don’t have the ability to plan for it, it becomes a challenge.”
To address this, Assessor Chu has started holding what she calls “Family Wealth Forums,” which gives families, especially immigrant families, free professional help in estate planning and asset building.
“We really are trying to make sure not only provide the general information that it available with vendors, meaning our non-profit partners and many of our community partners but we also want to make sure that we are doing one on one counseling for people.”
Assessor Chu will be holding another free family wealth forum this Saturday at 10am, located at Lincoln High School in the city.