Decreasing the Wealth Gap by Creating Multi-Generational Wealth for African Americans with Financial Estate Planning
WHEREAS, the NAACP has been a long-time champion of economic justice and has fought for the rights of people to live healthy and dignified lives; and
WHEREAS, according to the Federal Reserve Board of Consumer Finance, there is a significant wealth gap between white and marginalized communities; and
WHEREAS, among Black families, households' net worth, which is defined as total assets, less all liabilities, has hovered in the $15,000 to $25,000 range in the last 30 years; and
WHEREAS, a lack of financial preparedness can lead to an atmosphere of soliciting family, friends, and communities for monetary assistance; and
WHEREAS, access to fiduciary financial planning tools, including life insurance, should not be seen as an option but as a necessity, especially in marginalized communities. Generational wealth can be created by providing a financial asset and tax-free income.
THEREFORE, BE IT RESOLVED, that the NAACP will provide workshops to educate marginalized communities on the nuances and value of financial estate planning.
BE IT FINALLY RESOLVED that the NAACP will work with trusted fiduciary financial advisors, identifying Black investment, advisory, and housing professionals to create informational toolkits for greater outreach and awareness that highlights financial literacy tools and educational materials on the benefits of financial estate planning to create generational wealth.