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Helping African-American Clients Bridge The Wealth Gap | InsuranceN... http://www.insurancenewsnetmagazine.com/article/helping-african-amer...
36 percent of blacks. This leaves many black retirees living at or
near poverty levels.
What can the financial services industry do to help close the racial
wealth gap? First, it is important to understand that the racial
wealth gap is not entirely due to a lack of financial education or poor
financial choices on the part of blacks. It runs much deeper. Decades
of discriminatory policies and practices have contributed to the
current financial state of African-Americans and other minorities.
Some of these discriminatory policies exist to this day. We simply
cannot plan our way out of this situation.
While it will take generations to close the racial wealth gap, these are
steps in the right direction. The financial services industry must
work alongside other thought leaders to dismantle the systemic
policies that have had and continue to have a negative financial
impact on black and other minority communities.
Jocelyn Wright is the chair of The State Farm Center for Women and Financial
Services at The American College. Jocelyn may be contacted at
jocelyn.wright@innfeedback.com. (#).
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Helping African-American Clients Bridge The Wealth Gap | InsuranceN... http://www.insurancenewsnetmagazine.com/article/helping-african-amer...
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