TED Talks Daily How to reduce the wealth gap between Black and white Americans | Kedra Newsom Reeves
Oct 22, 2020
Kedra Newsom Reeves, a wealth equity strategist, dives into the shocking racial wealth gap in the U.S., where white families have nearly 10 times the wealth of Black families. She discusses the historical roots of these disparities and their impact on healthcare and education. Reeves outlines four actionable solutions for financial institutions to bridge this gap, advocating for accessible banking and support for Black entrepreneurs. This insightful conversation lays bare the need for systemic changes to foster true financial equity.
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Racial Wealth Gap
- The racial wealth gap in the US shows white families having a median wealth nearly ten times greater than Black families.
- This disparity stems from historical injustices and systemic barriers that have hindered wealth accumulation for Black Americans.
Generational Wealth Disparity
- Kedra Newsom-Reeves shares her family's history, starting with her enslaved great-great-grandfather.
- Generations faced systemic barriers like denial of land, loans, and GI Bill benefits, hindering wealth-building.
Banking Access
- Increase the number of banked individuals within Black communities.
- Many are unbanked due to misconceptions about minimum balance requirements, highlighting the need for greater awareness of accessible banking products.