I recently read this very interesting post on Africanamerica.org that stated:
AFRICAN AMERICAN STUDENTS STRUGGLE WITH MONEY MATTERS: Study reveals black students lag behind white counterparts in financial literacy.
Statistics showed that:
• African American students from the lowest income families had a financial literacy score of 40.7 percent and African American students from the highest income families had a score of 50.5 percent.
• African American students scored 37.7 percent on Money Management, 36.6 percent on Savings but 50 percent on Spending.
As part of his Silver Rights Campaign for financial literacy and education, Bryant provides the following five tips for students, high school or college, to better manage their money:
2. Get a Job. Explore summer jobs and internships in the field of your interest. Gain experience in the "real world."
3. Budget. Get your priorities straight. Don't focus on your wants, focus on your needs.
4. Save. Practice the 10 percent rule. If you make $1,000, pretend that it is $900 and save $100 in a savings or investment account. You can become a millionaire from 17 to age 65 simply by investing $100 per month in a moderately indexed investment account.
5. Save to Buy a Home. Save to buy a house in a low-wealth neighborhood before you rent an apartment you don't own in an upscale one. A home provides security and gains value over time.
Click here to read the entire post
After reading this post I felt that I should share my own opinions on this topic:
It is true that Black Youth, I would go so far as to say Black people in general, need to know more about money and financial planning. I feel that -though limited- there are organizations, books, and people out there who are committed to helping our youth wise up about money.
Russell Simmon’s Hip-Hop Summit Action Network
This organization holds forms for Black Youth, lead by well known voices in the hip-hop/ urban community to teach kids about money and finance as well as personal/community empowerment.
Site Url: http://www.hsan.org
The Hip Hop Sumit is one of several organizations listed on 'Hip Hop Helpers', which is a website that strives to be a vehicle for social change by creating a space in which we can discuss how the hip-hop generation brings positive growth and development back to the communities in which they were born.
site Url: http://www.msoyonline.com/abtabt/hhh.htm
For more information check out this useful list of Books for Black Youth, some of which focus on specifically on teaching money and finance skills to African American youth / teens.
Also, check out: www.blackmoneymatters.com