Financial Education
How Does Financial/Money Management Affect Racialized Students?
Unfortunately, not all money problems are created equal. Although it is true that financial distress can affect virtually anyone, it is a completely different story for most members of the black community, and it is most likely to affect them even more. There seems to be common misconceptions about financial literacy and things people of colour, and especially members of the black community tend to face.
1.)
The phrase “if they can do it, so can you” is very damaging, misleading and inaccurate. Instead of inspiring folks, it completely ignores and disregards the fact that there are systemic factors into play that actually prevent certain groups from advancing.
2.)
The entire movement is about equity and not just equality, and sadly people tend to not be able to distinguish between the two. For example, it is completely understood that Black people deserve equality as a basic human right, but it is not enough. Equality is just treating everyone the same, where in contrast, equity is providing the resources to each individual in accordance to what they need to be successful.
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3.)
The racial wealth gap is real and needs to be looked into further. In Canada, for every dollar earned by a White worker, a black worker makes 80.4 cents.
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For more information, visit:
https://www.wealthsimple.com/en-ca/magazine/global-wealth-gap
4.)
Financial literacy is so important, but access to it is very limited. At times Black people are denied mortgages or related loans, which then in turn make it more difficult for them to become homeowners and build long-term or generational wealth. And even on the off-chance that they are offered loans, they are often charged higher interest rates than their White counterparts.
5.)
Another misconception is that if a Black person is rich or well-off, they can never experience racism again. There is no protection against racism, and that includes money and power.
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