6 Ways to Close the Racial Wealth Gap

Use Your Financial Power to Fund Racial Justice

Hive Wealth | Blog | 6 Ways to Close the Racial Wealth Gap

"For every dollar of wealth owned by the average white household in the U.S., the average Black household possesses a mere ten cents. It didn't need to be this way. At several historic moments, the trajectory of U.S. racial inequality could have changed dramatically. But at each juncture, the road chosen veered away from a more just and fair America." — The ARC Of Justice Podcast, NPR


Hard truth: Average white families are 10x wealthier than the average Black family.


Are you fired up? From anti-racism protests to reparations advocacy and policy, there are many ways to make a difference and support racial justice. Our goal is to close the gender and racial wealth gap. Join us: It's as simple as using your financial power to fund racial justice.


Here are six ways to take action today:


1. Make Donations:

Donate to organizations working to support Black lives and communities of color. Check out this vetted list at The Strategist to get started.


2. Bank For Racial Justice:

Voting with your dollar is as simple as moving your money to a community bank or credit union that supports racial justice, Black communities, and people of color. Get started with this list of Community Development Financial Institutions.


3. Invest in Black-owned Companies:

Whether you invest in stocks, participate in equity crowdfunding, or shop at Black-owned businesses, your dollar makes a difference. When choosing stock options, you can opt for ESG funds (environmental, social, and governance), vetted for ecological sustainability and social impact — including diverse leadership boards. You can also shop on apps like Black Wall Street and buy from Bold Xchange.


4. Support Black Entrepreneurs With Equity Crowdfunding:

Access to capital is a racial justice issue. Racial bias is getting in the way of Black entrepreneurs receiving the loans they need to launch and grow businesses — at a time when Black entrepreneurs are leading the way. According to Black Enterprise, "African Americans are more likely to start a business than any other community in the United States. Black millennials are even more interested in entrepreneurship than past generations, and black women are the fastest-growing group of U.S. business owners in the past 20 years." Get started at The 10K Project — an ecosystem where everyday people can invest in Black-owned businesses for as little as $100 per investment.


5. Hire and Work With Black Financial Professionals:

Hive Wealth founder, Yvette Butler, is a wildly successful Black entrepreneur. Yvette is also the founder and President of SVB Private, the modern private bank for innovators. You're already supporting a Black-owned business with a social impact mission by participating in Hive Wealth. She's working to close the racial, gender, and generational wealth gap — and she believes that we should all have an equal opportunity to create an enduring legacy.


Beyond downloading the Hive Wealth app, you can find a Black financial advisor through the Association of African American Financial Advisors or look into Black-owned financial firms.


6. Invest in Companies That Support Racial Justice:

After the tragic murder of George Floyd — and the protests and outrage that followed — corporate America has pledged $50 billion to support racial justice. As time passes, the dollars spent by these corporations speak the truth and reveal which corporations are backing their words with cash. You can view this article and scroll down to see a list of who's following through — or go to a company's website to read about their social justice policies and spending.

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