Historically, access to financial literacy education has not been equal to everyone. To address this inequity, Brandon Parkes, CEO and Founder of social impact consulting firm, Parkes Philanthropy and Hill Harper, Award-Winning Actor, Philanthropist and CEO and Founder of The Black Wall Street App are teaming up for a social media campaign that honors Black history by investing in Black futures.
During Black History Month, this campaign will donate free premium subscriptions from the investment research platform Moby to youth of color through a partnership with a national financial literacy organization, which empowers youth across the United States to learn about, and become comfortable with, saving, investing, entrepreneurship and philanthropy.
“These platforms can help solve the racial wealth gap and create cooperative economic solutions,” said Harper.
“I helped create Moby in order to empower everyday investors with technology, data and content that will help them on their road to financial freedom. It is my privilege to be able to donate subscriptions to further complete our mission and educate America’s youth”, said Justin Kramer, CEO and Co-Founder of Moby.
Only 55% of Black Americans own stocks compared with 71% of white Americans. In the last few years, the financial behavior of Black people has been evolving, but there’s still the need for progress. More Black Americans became first time investors in 2020 than any other year, with most under 40, according to the 2021 Ariel Investments-Schwab Black Investor Survey.
“The increase in Black entrepreneurs and investors that we’re seeing is just the beginning – we need to ensure our young people are also equipped with the tools and resources to feel confident as investors and build wealth,” shared Parkes.
“That is how we’ll see real change.”