Money in the Black Community

Coloured people in North America historically have been less wealthy than other races and those statistics are still applicable today. There are a multitude of factors that caused this phenomena that all stem from the trans-Atlantic slave trade. When black people were emancipated, they started their lives at a lower financial level and social standing than their slave owners and most white citizens. Black communities were less funded than white communities, meaning the education, health care, and overall quality of life was worse and this has led to the systemic trend we see today. Because education is worse, on top of internalized biases from employers, it is a lot more difficult for coloured people to get high paying jobs or properly understand how to manage their money. This is one of, if not, the biggest issue in the black community today. Lack of knowledge and access to opportunities leads to inequity and this is what we hope our calculator and website hopes to combat. We hope to teach people who lack financial literacy skills how to manage their money properly.