In case you weren’t aware, April is financial literacy month.
In case you weren’t aware, April is financial literacy month. Literacy means “the ability to read or write.”
When applied to finance, this fact doesn’t ever describe the needs of lower-income families. In fact, quite the opposite is true; the daily crises that Blacks steering financial instability face have earned them an MBA-substitute in financial planning, management and strategy.
But if we do somewhat better and call it financial “education,” our society’s decades-long obsession with poor people’s financial wit has left millions behind. People aren’t struggling with economic instability because they know less; they’re struggling because of the systemic barriers that keep them from more income and wealth.
Today’s 18 million jobless aren’t suffering because they didn’t know to save three months worth of living expenses for emergency savings. Among countless reasons, people are suffering because lawmakers have failed to enact livable wages to see that workers can make ends meet.
Instead, let’s start with what we know to be true about building financial peace with low-income people. Regardless of how one determine wealth, from wages and savings, to homeownership and retirement, our history of knowledge racism drives the wealth gap.
Now, many are suffering long periods of unemployment and facing greater hurdles to re-entering the labor market, assuming there are jobs for them to return to at all. What can financial education really do for them?
Financial education accepts that individuals carry the risk of controlling their own financial lives despite hard times. The bottom line is, financial education won’t undo systemic injustice and rejection.
When it comes to statistic gap in financial peace, the writing is on the wall.
Until we beat the products, practices and laws that advance an just economy.
We can’t ask the individual to overcome the knowledge. Get ahead now!
9 thoughts on “Why You Are Broke!”
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