"Black People Don't Know How to Manage Money," They Said

Black people don't know how to manage money," Morgan Stanley managers <a href="https://twitter.com/AttorneyCrump/status/1697371229680771464?s=20" rel="noopener ugc nofollow" target="_blank">said</a>, describing the financial literacy of their Black clients, according to Jeanna Pryor, a retired Air Force colonel who once worked for the investment company. Rather than acknowledging the numerous ways the banking industry deprives Black people of equitable opportunities, financial managers, at least in private, were attempting to justify the racial wealth gap. In America, it is often said that cash is king and that green bills with former presidents' faces printed on them are the most valuable asset someone can possess. And while it's no secret that Black people have significantly less wealth. A Survey of Consumer Finances found that "White families had <a href="https://www.investopedia.com/the-racial-wealth-gap-5105010" rel="noopener ugc nofollow" target="_blank">eight times</a> the wealth of Black families.” Americans often debate who is responsible for this disparity. As I wrote in Cultured, "The only way White people could maintain their just world beliefs in the presence of racial injustice was to blame the victims." Stereotyping Black people as financially illiterate is a way Morgan Stanley managers justify depriving Black Americans of equitable financial opportunities. When America was born in 1776, the racial wealth gap already existed. The enslavement of African and Indigenous people created a racial caste system, ingratiating White families from unpaid labor. <a href="https://medium.com/afrosapiophile/black-people-dont-know-how-to-manage-money-they-said-5ee1adcfc890">Visit Now</a>