JPMorgan Chase uses Advancing Black Wealth Tour to boost financial literacy address racial wealth gap
A new endeavor from JPMorgan Chase is trying to help close the racial wealth gap . The bank’s Advancing Black Wealth Tour , launched this spring, aims to give attendees the tools they need to manage their finances and build sustainable wealth — even with the possibility of a recession on the horizon. The most recent tour stop was in Philadelphia earlier this month. Previous stop also included Los Angeles and New Orleans. More events are planned for 2023. “When we look at the Black community historically, there has been a very significant gap in terms of awareness of how to grow wealth ,” said Justin Grant, executive director of JPMorgan’s Advancing Black Pathways education and training program. The tour is a collaboration between Advancing Black Pathways and local Chase leaders. “We want it to be actionable,” Grant said. “We don’t want to just talk to people, inspire them and then they leave and forget everything. We’re going to provide them with very constructive tools and resources so they can take what they learn and act on it.” The racial wealth gap describes the disparity in wealth between Black and white households in the United States. It’s significant: During the first quarter of 2022, the average Black family had $0.24 for every dollar of wealth held by white families, according to the Federal Reserve Bank of St. Louis .
Prepare for ‘a feast after the famine’
During the recent Advancing Black Wealth Tour stop in Philadelphia, bank executives and financial influencers shared the stage on a Saturday morning, offering insights to a crowd of more than 300 people. Many of the presentations focused on how attendees could preserve and build wealth even in tough economic times . “Since the beginning of time, whenever there has been a famine, there has been a feast after the famine,” said financial coach Lynn Richardson during one of the day’s first sessions. “We have to be ready for the come up, whether the come up is in stock, whether it is in real estate, whether it is some other investment.” In another, Milan Harris, founder and CEO of apparel brand Milano Di Rogue, shared her entrepreneurship journey. Her company started in 2012 with a single shirt and has grown into a streetwear brand with a retail location, online store and millions in annual sales, according to the company website. “If I go to sleep with a goal, I wake up with a purpose,” Harris told the crowd,. “I want you guys to see a young black girl from the hood and know if I can do it, you can do it too.”