As the call for racial justice grows louder across the country there is a form of activism the San Diego Workforce Partnership says is also impactful. That is financial activism, where people put financial institutions and spending habits under a microscope for deep examination to see if they align with their values and racial justice.
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Andy Hall, who is the Chief Impact Officer at San Diego Workforce Partnership, recently wrote an article about financial activism. He highlights the economic inequality that exists locally.
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"For decades our government and banking institutions—and white voters—have prevented qualified buyers of color from purchasing homes in San Diego. Black entrepreneurs are more likely to be denied loans than white peers with equivalent creditworthiness, and in 2019 just 1% of venture capital funds went to Black and Hispanic founders. The historic exclusion of ownership and financing opportunities has compounded over generations. In 2016, the median net worth of Black households in the U.S. was $16,000, compared to $163,000 for white households.," Hall wrote.
Consciously spending money, investing and banking are ways to be a financial activist and distribute wealth among communities of color.
Hall joined Midday Edition to talk about using financial activism as a means for economic and racial justice.
