But the racial wealth gap is not a new problem. As of 2016, the net worth of a typical white family was nearly 10 times greater than that of a Black family ($171,000 vs. $17,150), according to the Brookings Institute.
The coronavirus pandemic has only compounded the financial challenges faced by the Black community. Black entrepreneurs, for example, were disproportionately affected, with a 40% drop in the number of working Black business owners ― a far greater percentage than any other racial group.
One way you can help solve this disparity is by supporting Black businesses. And a new campaign, My Black Receipt, aims to make that a long-term practice among consumers of all backgrounds. Here’s how to participate.
What Is My Black Receipt?
My Black Receipt is an initiative started by Black upStart, an organization that trains Black entrepreneurs to start job-creating businesses. Kezia Williams, the CEO, noted that, according to the last census, there were 2.56 million Black-owned businesses but only 109,000 of them had at least one paid employee.
From Juneteenth (June 19) through Independence Day (July 4), consumers are encouraged to buy from Black-owned businesses and use the tool on MyBlackReceipt.com to report how much they spent and upload the receipt.