7 Financial Habits That Keep Black People From Economic Freedom

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Introduction

In an open letter addressed to President Barack Obama on Sept. 6, 2011, economist Dr. Claud Anderson offered suggestions to improve the economy for the betterment of the Black community.  “With more than 25 million people unemployed and the actual unemployment rate of Blacks in America over 50 percent, the nation’s economy must turn around and produce more jobs if Blacks have a chance of survival,” he wrote.

Anderson suggested proper allocation of government spending as a solution to revitalize the dire economic conditions of the Black America. From immigration reform to the creation of more public works jobs, he left no room for the government to reject any possibilities for facilitating Black economic growth. But even if legislation were approved in support of Anderson’s ideas, Black people must embrace taking control their own financial freedom.

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Financial Literacy

Understanding capital, credit and banking practices has been a challenge for many members of the Black community. The Jump$tart coalition, an organization dedicated to financial education of children and teens, conducted a survey in 2007 and discovered that 40-50 percent of Black students polled had general knowledge of money management.

Laura Levine, director of Jump$tart, said the number of financially informed Black students has not improved since the survey was introduced in 1997.

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