As America attempts to overcome the pandemic, July ushers in more than just the summer heat. More and more Americans, especially Black Americans, are choosing to leave the workplace behind. Although misleading narratives about financial independence are looming, we are committed to empowering financial literacy across our communities.
Often, Black teens are not receiving financial literacy that is relevant to their environment. Therefore, they suffer from generational cycles of financial dependence. Money Script Wealth Management, PLLC represents 2% of Black registered financial advisors, representation definitely matters, and currently, the financial industry is still void of Black Americans in leadership positions.
While governmental efforts to rebound our economy subtly shove Covid-19 to the backburner – June brings awareness to many of these disparities in the country.
Juneteenth, now a federal holiday – marks a day of emancipation for Black Americans.
The designation, however, does not alleviate the many Black Americans still fighting for an even financial playing field in this country. What seems like generations of never-ending protests against systemic racism and police brutality, Black Americans are still facing economic disparities and continue to lack generational wealth.
Although Black Americans heavily influence growing economic trends, they don’t necessarily profit due to the lack of representation and financial advocacy.
The true meaning of #financialindependence is not often a narrative packaged and shared within black communities. Instead, it is the comfortable logic, backed by intentional and systematic financial racism, limiting access to the American Dream. Our mission is to increase the financial literacy, wealth, and net worth of black, brown, and indigenous communities!
A year ago, the murder of George Floyd captured on a cell-phone and available for the world to see. The protests that ensued put a lot of pressure on companies to promote Black Lives Matter’s ideas in their respective businesses. Seemingly, as a result of the protests that followed, we saw an uprising within corporate America’s attempt to diversify staff and diversify their leadership roles.
While the discriminatory foundation of this country does not rest solely on the shoulders of financial institutions, closing the racial wealth gap does. Wall Street must represent a larger population of our communities. Investors and lenders must advocate throughout America’s neighborhoods, uniting our country and bridging the wealth gap.
June also serves as Pride Month.
The scarcity of resources are compounded when being Black within the LGBTQ+ community. A 2018 Experian survey reported that 62 percent of the LGBTQ+ community said having faced financial challenges because of their identities.
Simply put – the financial industry must make efforts to be inclusive and benefit members of all communities if we as a country intend to close the financial wealth gap.
Economic equity is very much possible in America. Financial literacy must be spread throughout our communities, starting at the kitchen table. Have the courage to speak on these historically uncomfortable topics, and let’s work together in closing the wealth gap!