Day 12: The Wealth Gap and Financial Stability
According to the U.S. Federal Reserve, White households have a median net worth that is almost 10X higher than that of Black Households. To create an economy that works for all of us, we need to understand and address racial wealth inequality.

Prosperity NOW notes only half of Americans realize that there is a wide gap in financial well-being between white households and households of color. Even among those who do recognize the racial economic inequality, there is a widespread misconception that the problem is only based on income. The problem is much deeper than that: when we consider wealth, the financial capital families need to expand their economic opportunity and agency, the disparity facing households of color grows even larger.
Take a look at Asset Types Held by Race, by Jenna Ross, Visual Capitalist. Reflect on the asset types held by the race you identify with and those of other race identity groups.

See how your selected city or region is doing on several key equity indicators and how inequity threatens economic prosperity - National Equity Atlas . Reflect on how you see key indicators showing up in your community and the impact it has on your own economic prosperity. Consider how equitable economic prosperity benefits you. Consider the systemic interconnections; equal distribution of wealth and power leads to greater sense of community, aligned community values, decrease in crime, increase in property values, desirable place to live, work, and grow, fewer gaps to fill, lower taxes, economic prosperity for all.

Michigan payday lenders disproportionately place their businesses in communities of color, rural areas, and low-income areas. See this 2018 report from the Center for Responsible Lending which looks into how these businesses are targeting vulnerable customers. Reflect on how many payday lenders are in your community, where they are located, and to whom they market and attract.
Interested in seeing how the disparity developed over our nation’s history? Watch Netflix, The Racial Wealth Gap Explained . Reflect on what you watched and acknowledge any new information.
Sorry, no podcast offerings today.
Community Town Hall Discussions
United Way of the Lakeshore is partnering with the Lakeshore Ethnic Diversity Alliance to hold a town hall discussion to reflect with other participants taking the challenge. These town hall meeting will happen on Wednesdays at 12:00 PM via Zoom throughout the challenge. We'd like to thank Gloria Lara for being our facilitator for these discussions.

This week's town hall will be held on September 23rd at 12:00 PM. RSVP below to be sent the Zoom Link!
Click the button below to join the conversation today!
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