Hand Colored Staff Pawns In Circle Source: AdobeStock.

Decades of underrepresentation across the mainstream financial system has resulted in fewer opportunities for underserved communities, including communities of color, to create a stable financial footing and build generational wealth. The lack of access to resources, tools and financial literacy programs only serve to widen the gap between those with opportunity and those left behind.

As an industry, we have a responsibility to level the playing field. Part of that responsibility includes imparting financial knowledge in meaningful ways and at the right times. People’s ability to effectively manage their finances is reliant on their understanding of the financial system and how to navigate it. The less financial knowledge people have, the less prepared they are to address financial challenges as they arise. And learning from mistakes in the financial world can be very expensive lessons.

 

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