According to the Federal Reserve’s 2019 Survey of Consumer Finances, the average White family is eight times wealthier than the average Black family. These inequalities in power and opportunity have existed since the founding of our country. Wealth disparities between Black and white households demonstrate the impacts of sustained inequality and discrimination within the United States. Therefore, the Black-white wealth gap reveals how our society has not and does not provide equality of opportunity to the entirety of its citizens.
Annuyity.org provides consumers with informative, easy-to-understand guides and articles that equip them with the knowledge they need to make confident financial decisions. Their partners and network of qualified financial advisors can assist consumers in identifying financial solutions that meet their long-term goals.
As an accredited financial web resource, Annuity.org has specifically aided in closing the racial wealth gap through financial literacy. For decades, African Americans have struggled to build wealth in America. Historical injustices — including slavery, systematic inequality, employment discrimination, racist housing policies and other obstacles — have hampered economic well-being.
Many experts believe that education and financial literacy can reduce these disparities. Rachel Chritisian, an Annuity.org Financial Writer, explores the impact of this knowledge gap on the African American community in the attached article below. She further addresses socioeconomic and cultural barriers as well as the role of Black educators and financial advisors in reducing the gap.
Closing the racial wealth gap in the United States is a complex issue with no easy fix. However, experts believe that increasing financial literacy, education and job training efforts can be beneficial.
Please view the detailed article below as UNA-BC encourages you to take the first step toward closing the racial wealth gap. By raising public awareness of important financial resources.