(BLACK ENTERPRISE – October 14, 2019) – It’s been more than 150 years, but black Americans still remain chained by the legacy of slavery. One of the most glaring effects of America’s original sin is the racial wealth gap. Because of centuries of economic oppression that intentionally barred African Americans from access to capital, white families today hold nearly 10 times the amount of wealth as black families as the median family wealth for white Americans is $171,000 compared to just $17,600 for blacks. Meanwhile, black Americans hold just 3% of the nation’s total wealth, despite being 13% of the population, according to the New York Times #1619 Project.
To address this systemic issue, OneUnited Bank launched BankBlack X, a nationwide campaign that aims to close the racial wealth gap. The purpose of the campaign is to galvanize and educate black folks about money and make financial literacy a core value of the black community. READ IN FULL