Go beyond financial literacy"Gone are the days that we can hide behind the illusion that more financial literacy is enough," says Rahkim Sabree, AFC, financial therapist and counselor.
Currently, 25 states require financial literacy education for students; however, rarely, if ever, does financial literacy address larger systemic issues that exist.
Black students owe an average of 188% more than what white students borrowed by the fourth year after graduation.
One 2016 study found that if current trends continue, closing the wealth gap would take more than 200 years.
AdvertisementYounger Black Americans have now become the fastest-growing demographic of new investors in the stock market.
Persons:
—, Martin Luther King, Jr, Moritz Kuhn, Moritz Schularick, Ulrike I, Rahkim Sabree, We've, Kristin Afelumo, Lazetta Rainey Braxton, Braxton
Organizations:
Service, Business, Federal Reserve Bank of Minneapolis, Black, National Bureau of Economic Research, Economic Policy Institute, AFC, Bureau of Labor Statistics, Netflix, Lazetta, Associates
Locations:
America, Evanston , Illinois, Black