August 19th 2023.
Black-owned startups in the U.K. have found a way to protect families from financial woes. According to Bloomberg, the Bank of England's base interest rate in 2017 was 0.25%, leaving many Black households without any kind of wealth. This is especially concerning now, as the bank's rates have increased disproportionately, leaving minorities in a difficult spot.
Ken and Mary Okoroafor, financial advice bloggers, have turned their business into something lucrative. They created The Humble Penny, a series of educational online courses covering topics such as investing and affiliate marketing. The majority of the participants are Black or of African origin, with the goal of helping families become financially independent.
Ken shared that the number one goal of most of his students is to become debt-free. He and Mary also focus on financial literacy, living within one's means, and managing assets such as stocks and housing.
Another way families and couples are fighting economic scrutiny is by grouping their savings together. Apps like Pardna allow groups of people to create one savings account with a common goal in mind. Paul Henriques, the creator of Pardna in 2020, commented that people are using it to help them avoid falling into a financial trap.
Back in the United States, HBCUs such as Spelman College have created resources to help their students begin their journey to financial freedom. BLACK ENTERPRISE previously reported that this fall, Spelman will be launching a strategic partnership with Stackwell and Fintech in Action to help close the racial wealth gap. The financial wellness pilot will provide Spelman students with finance and investing courses, as well as an account of $250 from Stackwell, a digital investment platform, to get them started on building wealth while in college.
With the help of these initiatives, Black families in the U.K. and the United States are finding various ways to protect themselves from financial woes. Through financial literacy and wealth-building courses, these families are gaining the knowledge they need to become financially independent.
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