"Black People Don't Know How to Manage Money," They Said
<p>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.</p>
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