To manage your finances, a sound, effective and thorough, understanding of finance, we call financial literacy is crucial. People should know how to manage their debts and save money. African Americans play a vital role in the economic establishment of the United States, but in comparison to their white counterparts, they still lag in financial wellness. Financial literacy is one of the main reasons behind this complex gap. Financial literacy and financial wellness are tightly intertwined, especially in African Americans.
One of the latest studies on the Personal Finance Index (P-Fin Index) conducted by GFLEC and TIAA institute provides new insights on Black financial literacy.
There are eight areas on which P-Fin Index study is based:
Only 38% of the answers were correct by African Americans compared to 55% of white people.
Black females are working successfully around the globe in the financial field, despite racism challenges. Women-owned businesses are low in the market, and black women commonly face a lack of venture capital funding and access to loans. American Express reported that the ratio of women of color from 2018-19 is increased in women-owned businesses. During a similar period, black women entrepreneurs experienced a high growth rate in the financial industry than any other group. Many black women experts in the business are breaking barriers by serving as a role model for women from every walk. Also, they are the motivation for others to meet their financial goals.
There has been enough to talk about the significance of diversity and inclusion in the workplace when it comes to the financial field. In 2016, black American families had 10 cents to the dollar of a white counterpart, on average. On the contrary, women earned 32 cents on the dollar as compared to men....