12/14/21-The Urgent Imperative For Corporations To Promote Financial Literacy In Communities Of Color
- December 14 2021
- By: info@njcfe.org
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The Urgent Imperative For Corporations To Promote Financial Literacy In Communities Of Color
December 06, 2021 | forbes.com
In 2021, Black buying power is estimated at about $1.5 trillion which makes them the focal point for researchers, marketers, advertisers, and other campaigns designed to influence black spending patterns. This year alone, Thanksgiving Day saw about $5.1 billion in sales and Black Friday saw $9.6 billion, both of which saw The Black community play a very significant role. With such a sizable revenue base for corporations, one might ask, where would America’s economy be without the essential support from the Black community and other communities of color alike? This discourse should and must urge senior executives leaders to advocate in developing an intentional long term strategy now. Working in partnership with NGO’s and local and federal leaders, corporations must be intentionally and create a long term strategy to steward more resources to disadvantaged communities of color. This is essential not because this is good PR or as type of corporate philanthropy, but because this drives the bottom line and creates an ecosystem of best business practices for entrepreneurs, small businesses, and the overall economy.