Systemic Racism: A Study on the Lack of Financial Literacy and Wealth in Black Families

Abstract

This paper will talk about the reasons why black families have lower financial literacy in comparison to the other races. Some of the causes are lack of opportunities, structural racism, lack of resources, and educational differences. These factors are significant in discovering a path toward the increase of financial literacy in black families. The goal of this paper is to discuss the issue and explore ways to fix the gap between races and lead black families to financial prosperity. The end goal of financial literacy would need more than a group of people, however, financial literacy can be shared through communities to make an impact immediately.