Having safe and sound access to credit, as well as knowledge about how to properly manage finances, is instrumental for economic well-being. For many marginalized Americans, however, this month is a reminder of how they’ve been excluded financially.
Due to systemic racism, the capacity of African Americans to build wealth and save for the future has been severely inhibited.
According to the 2019 Survey of Consumer Finances, the average white American family had a total wealth of $182,200—about eight times the wealth of the average African American family, which stood at $24,100.
The racial wealth gap causes African American families to suffer from economic hardship, which threatens financial security and shrinks the ability of African Americans to fully participate in the economy.
To address this lack of inclusion, there are several Black women pioneers who are working to make the financial industry more equitable. Though they work in different areas of finance, they’re each focused on using technology to expand opportunities for underserved communities.