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Why Financial literacy in the black community sucks 2021 - YouTube
Channel: Jvo Tv
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hey everybody welcome back to jvo tv and
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today we're going to be discussing a
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very very controversial subject now i
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know this might ruffle a lot of feathers
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but you know what that's what we do here
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on jvo tv we are going to explore why
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blacks are more financially illiterate
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than other races now a lot of you are
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going to point out slavery in a lot of
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situations you would be right but i
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think the issue is much deeper in this
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situation and that's exactly why we're
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going to be looking at it the fact is
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most americans think they know more
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about money than they actually do now
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what if i told you the financial
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literacy rate in united states as a
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whole is only 57
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[Laughter]
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you serious
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that means about just over half of the
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u.s population is financially literate
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which ranks the us 14th globally well
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out of the top 10 behind canada and
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other european countries does this mean
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a lot of us are dumb and no you're not
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dumb if you're not financially literate
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let's check the definition of financial
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literacy so we can get a better
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understanding of it
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what is financial literacy
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financial literacy is the ability to
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understand and effectively use various
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financial skills including personal
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financial management budgeting and
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investing the lack of these skills is
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called financial illiteracy before we
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can begin to understand financial
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illiteracy in the black community we
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have to dispel some of the major
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misconceptions that come along with
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financial literacy
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let's ask some basic financial questions
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and find out what's going on in america
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one my first question is man what is
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credit man what is credit credit what do
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you think credit is credit is man like
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you know what i'm saying like something
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in exchange for you know what i'm saying
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like you know like the more that you
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know i'm saying you're putting in bro
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like you know what i'm saying gotta have
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good credit bro
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what bro what are you talking about man
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now i want everybody to understand this
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video is for my viewers and it's not
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about racial tensions and it's not a
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racist issue this is facts that need to
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be brought to the forefront so everybody
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can understand so try to open your mind
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where we discuss this in the video and
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know it's not about racist issues let's
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continue
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a survey conducted by george washington
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university conduces that 38 percent of
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african americans answer financial
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literacy questions right and just 55
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percent of white americans answer
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financial questions right
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one of the most popular misconceptions
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in the black community is that you have
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to be smart in order to be financially
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savvy
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that is not true you simply have to
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develop good financial habits
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which will ultimately lead you down the
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road of success in the long run but
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before we get to those financial habits
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i want you guys to take one second and
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subscribe to the channel and like these
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videos so this information gets out to
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everyone in a timely manner we are going
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to answer the question which most of you
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are waiting for
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why do black americans fall behind their
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counterparts and white americans when it
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comes to financial literacy
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well this is my theory
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first so my viewers can get a better
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understanding let's take a look at the
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poverty levels in united states for
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white americans it's nine percent for
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black americans is 21
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but hispanic is 17
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and for asian native and hawaiian
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pacific islanders it's nine percent yeah
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so what's your point
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my point is that poverty and education
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are hand in hand blacks and minorities
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who live in poverty are most likely to
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quit school to start work which leaves
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them without literacy and numeracy
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skills to further careers later on in
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life
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i'm sure most of you watching this video
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have heard of the civil rights movement
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i have a dream today
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you see the civil rights movement
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brought about what i would like to call
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affirmative action policies now these
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policies were meant to level the playing
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field between white blacks and
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minorities in america well
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let's just say
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that didn't happen as of the making of
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this video
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there are 10 states that actively ban
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affirmative action today
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starting from the most recent state we
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have oklahoma new hampshire arizona
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colorado nebraska michigan florida
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washington and california we also have
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idaho which recently passed the ban on
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affirmative action in 2020 now out of
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the list i want to focus more on
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california
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which had an initiative constitutional
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amendment in 1996 to ban affirmative
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action over the 25 year span that the
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ban was introduced california's public
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universities have seen a dramatic drop
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in black enrollment particularly the
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last five years i mean black enrollment
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has basically flatlined
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[Music]
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while education and poverty have always
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been closely tied to financial literacy
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in the black community we also have to
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take a look at black culture as a whole
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itself still making numbers
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[Music]
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[Music]
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don't know what i'm talking about
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materialism materialism has long plagued
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the black community and is a stain on
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black culture you see materialism's
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effect on black culture is quite
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extensive and
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[Music]
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ah much better now materialism doesn't
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necessarily mean you're a bad person
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because you like nice things
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but it's when those things become more
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important than your core values or your
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belief system then it becomes a problem
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in my opinion i would say it's most
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prevalent in the black community let's
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use an example so you guys can get a
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better understanding of my point
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in 1984 a little-known shoe was
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introduced to the world by michael
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jordan and nike designer peter moore
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which unfortunately went on to be the
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status symbol for materialism in the
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black community
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[Music]
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shot over shoes detroit police are
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trying to find the person who shot a
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detroit man because he wouldn't hand
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over his air jordan a teen shot because
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of his shoes police say two men went
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into a home because they knew the teen
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living there had the new air jordans and
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they were willing to kill for them so
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what's the big deal why so much trouble
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for a pair of 200 shoes they're limited
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edition see i got the ones last year and
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the year before that so i just have to
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get these ones this is the shoe it's the
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greatest shoe ever made is jordan
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now whether you agree or disagree that
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materialism is a distraction in the
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black community
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you have to admit that it is an
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unpopular opinion when you are
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financially savvy at least for me being
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a black american myself i'm interested
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to see what you guys think about the
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video and your opinion on whether it's
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unpopular to be financially savvy or if
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materialism distracts us from being
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financially savvy
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why are blacks more financially
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illiterate in united states we covered
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that with facts and then we covered it
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with opinion what do you guys think the
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reason is for blacks being more
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financially illiterate than other races
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go ahead and leave your comments down
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below and like and subscribe to the
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channel if you like what you've been
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seeing and as always thanks for watching
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jvo tv and you guys be safe
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[Music]
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you
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