I was slightly relieved when I read the Prudential study, “African American Financial Experience 2015-2016.” Here are key points from the research I was thoroughly proud of as a black man:
- African Americans graded themselves all above 50% in areas of managing household expenses, managing money, managing debt, and life insurance protection.
- 59% of African Americans consider themselves move knowledgeable and better prepared in financial situations than their parents.
I’m not sure the demographic of the survey, but I see my brothers struggling with the same issues every day in my community.
I work as a tax preparer, and I’ve heard horrible stories about the different financial situations from my clients.
And it’s always my brothers. Afraid to even file their taxes. Apprehensive about which debtor with garnish their tax refund or how much they own to Uncle Sam.
Men are providers. But if we are not knowledgeable about financial situations, we can’t really provide for ourselves or families.
But this is a long winded problem for us. Gaining this knowledge isn’t difficult, but society has essentially locked us out of higher education and employment.
Reading and writing levels among my brothers are lower than any other ethnic group of color. The graduation rates from K-12 are also lower than most. These are essential skills my brothers need to remain competitive in the workforce.
No education means exclusion from higher paying careers and positions. I want to highlight the lack of financial education.
I know Prudential says otherwise, but they are not here in the inner cities. They don’t see the black man handing over every cent he has earned to support another community except his own.
So many of us are behind schedule. Financial literacy is an important aspect of fatherhood. Being able to simply manage incoming money and outgoing expenses.
It creates a solid foundation which fathers can use to achieve other goals for himself and family.
Please, dads, be conscious of what you spend and how you spend it to be a true provider for your family.