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I moderated the St. Louis Chapter of the National Coalition of 100 Black Women's "A Woman's Worth" financial literacy seminar on Friday and went to the follow-up workshop yesterday. Mind blowing! That's how I would describe it. I learned a lot of stats. The most startling revelation is that while single white women in the prime of their working years (ages 36 to 49) have a median wealth of $42,600; the median wealth for single black women is only $5.
For all working-age black women 18 to 64, the financial picture is bleak. Their median household wealth is only $100. Hispanic women in that age group have a median wealth of $120.
Ouch! The 100 Black Women have promised to have more workshops so we can begin to have the conversations about our finances and take action.
Although I moderated, I was also a student. One take away tip was to get a money accountability partner. A person or a group of people to help you stick to your financial goals. In the group, each person would commit to a financial goal and the others would support them. You do need to work out details on what the consequences might be if a group member doesn't stick to the goal. Think about it. Do research and then just do it. I love this tip. My girlfriends and I will be doing this. I need all of the help I can get!!
I found this article that gives interesting perspective on why Black women might be in this financial predicament. The list comes from the blog, SeekWisdomFindWealth.com.
Read the full explanations here
- We treat boyfriends like husbands
- We don't know how to say, "NO!"
- We make our hair and nails a top priority
- We buy children name brand clothing
- We care too much about what our car looks like
