Financial Freedom Workshop

The role of positive financial behaviors are essential for economic growth. The relationship between positive financial behaviors, workforce development and productivity were examined to determine the needs of the communities we serve. Intervention strategies focused on financial literacy education may be relevant for individuals who report high levels of financial stress. It is estimated that recent data from the Survey of Income and Program Participation (2014) shows that black households hold less than seven cents on the dollar compared to white households. The 99th percentile black family is worth a mere $1,574,000 while the 99th percentile white family is worth over 12 million dollars. This means over 870,000 white families have a net worth above 12 million dollars, while, out of the 20 million black families in America, fewer than 380,000 are even worth a single million dollars. (Moore and Bruenig 2017). 

Our goal at Wall Street Juniors is to expose individuals to resources, tools and strategies to improve their financial health to increase generational wealth. While income primarily is earned in the labor market, wealth is built primarily by the transfer of resources across generations, locking-in the deep divides we observe across racial groups (Shapiro 2004, Gittleman and Wolff 2004, Hamilton and Darity 2010). Specially speaking, the Black and Brown communities suffer most from the discrepancies of accessible financial literacy education. Although we have identified with extensive research that the racial wealth gap may be too large to close indefinitely, there are ways to improve the current financial status for racial groups such as African Americans and Latinos. 

Our solution is to introduce wealth building initiatives to members of communities of color to enhance their financial behaviors and implement treatment for behavioral economics. Attendees will participate in the virtual workshops by engaging with and listening to presentations on concepts such as credit building, financial literacy, money management and wealth planning. This Fourth of July weekend we will study what it means to be financially free. The Financial Freedom Workshop will bring community members, organizers and professionals in the finance industry together to discuss topics and strategies to improve financial health while promoting financial freedom for future generations.