Critical Research Enables Our First Step Forward

Critical Research Enables Our First Step Forward

Critical Research Enables Our First Step Forward
George Nichols III
Nov 09, 2021

Last year, when The American College of Financial Services launched our Center for Economic Empowerment and Equality, you heard me talk a lot about Four Steps Forward, our strategic plan to promote upward mobility and wealth building for Black America. I'm proud to announce that critical research is now available for the industry to make evidence-based, data-driven decisions to take our first step, which is to increase financial education and opportunity for Black women—and I'm pleased to be able to share it with you.

Black women's influence on their families and within their communities is undeniable. Yet, they remain an underserved demographic in the financial services industry. Our first step forward focuses on developing programs that curate the best financial knowledge relevant to Black women to grow their wealth. The more Black women know about the barriers to financial stability, savings strategies, investing, and transferring wealth, the more their families and communities can grow in financial wisdom.

To this end, I'm proud to present the Center for Economic Empowerment and Equality's inaugural research study, Black Women, Trust, and the Financial Services Industry. We surveyed 3,500 middle-income Black women across the nation to create a holistic picture of Black women's perception of financial services and money, their wants and needs, and their role as decision-makers in their households and communities. 

With this groundbreaking research, we now have actionable insights that The College plans to use as we work to improve Black Americans' relationship with money and the financial services industry. The Center for Economic Empowerment and Equality is dedicated to bringing Black women into the fold, starting with showing the financial services industry the opportunities available to better connect with Black women and better demonstrate inclusivity, empathy, and understanding.

I invite you to view the research and learn what's needed to become better partners and financial allies with Black women. You, too, can help us in our mission to close the wealth gap.