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Fundamental financial literacy for African Americans

In a world of rising costs, financial crises, injustices and inequalities financial disparity among minorities comes as no surprise especially in modern day America.

According to the Federal Reserve’s 2019 survey of consumer finances the average white family makes eight times the wealth of and average black family. The racial pay gap is by no means a simple issue but experts have said that building people’s financial knowledge can certainly help.

Society has not put these communities as a priority. Despite being put through many injustices throughout history black families are now suffering from the lack of financial education.

There is no quick fix solution for this inequality as there is not for most but there are certainly ways to help one's self if you find that you yourself are in a situation of similarity.

The racial pay gap has been around for decades. For people of the African American community building up wealth in America has more often than not been a constant struggle and this is due to a lack of financial literacy.

a bar chart showing the median net worth of racial minorities in the US
credit: Annuity

There are resources available to aid financial literacy free of charge. is a financial web resource that provides its visitors with tools and knowledge to help them make wise financial decisions.

The resource has been around for just under a decade giving “carefully researched, timely information regarding annuities and structured settlements. It is free of charge but still offers professional insight from financial experts on a variety of finance-oriented topics aiding you in your financial decisions.

What is an annuity? defines an annuity as follows:

“Annuities are products that provide a fixed income stream. They are highly customizable and can offer tax advantages, payment periods tailored to your needs, protection against losing your initial investment and options to transfer money to your beneficiaries.

Consumers often use annuities to guarantee income for life and to help fund retirement. “

“An annuity is an insurance product designed to provide consumers with guaranteed income for life.”

“More specifically, an annuity contract is a legally binding, written agreement between you and the insurance company that issues the contract. This contract transfers your longevity risk — the risk of you outliving your savings — to the insurance company. In exchange, you pay premiums as outlined in the contract.”

credit: annuity

Annuity have helped many people who were financially disadvantaged and after educating people for over 8 years, they have managed to aid “over 5,000 people in achieving financial freedom”.

To find out more about Annuity and the financial aids they offer or if you simply seek further information on annuities or structured settlements visit today.


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