Day: January 15, 2022

College Bound: Why Black Parents Are Banking on 529 Savings Plans

Most Black parents begin saving for college before their child is 10 years old and this could be a future key to closing the racial wealth gap. Unfortunately, only 16% of African American parents are saving for college using a 529 plan, which is like a prepaid tuition program, according to Northwestern Mutual. Even though …

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JPMorgan Chase: The Gold Standard in Diverse Spend

Through mandates, mentorship and mobilisation, JPMorgan Chase & Co. is promoting diverse spend throughout its supply chain to enact real changeIn an era where Environmental, Social, and Corporate Governance (ESG) is rising rapidly to the top of corporate agendas, prioritising diversity is not, on the surface, a novel idea. In fact, JPMorgan Chase has been …

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11 Charts Examining the Racial Wealth Gap

Racial inequality in the United States has many dimensions, but one of the most impactful and broad-ranging is economic. On average, people of color experience significantly lower levels of income, retirement savings, and rates of homeownership than non-Hispanic white Americans. They also face different struggles while paying down student loan debt. Making strides toward improving …

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Why Black-owned businesses aren’t as successful as White-owned businesses

According to the Small Business Administration, most small business owners in this country are over the age of 55. Other research shows that 57% are over the age of 60. Now imagine that you’re a Black business owner. Using these averages would mean that the average Black small business owner was born sometime in the …

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Kamila Elliott becomes first Black chair of CFP Board

The Certified Financial Planner Board of Standards Inc. has been promoting diversity in the profession for years. It’s now an example of what it’s been advocating as Kamila Elliott becomes the first African American chair of the CFP Board. “It’s fantastic for the profession,” Elliott said in an interview. “I think it’s inspiring for aspiring …

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