Our Why
Throughout history, promises made to BIPOC and marginalized persons have often gone unfulfilled. Land redistribution, reparations for stolen wealth, and closing the wealth gap remain unaddressed. The lack of ownership fuels economic disparity in the Black community, with a decline in Black-owned businesses over the past century. BIPOC and marginalized businesses suffer most in crises, as seen during the pandemic, where over 40% of Black-owned businesses closed compared to 17% of white owned as confirmed by a study conducted by the University of North Carolina. According to the 2021 census, white New Yorkers earned an average of $276,900, which is nearly 15 times greater than the median household net worth of Black New Yorkers, which stands at $18,870.
In 2022, women earned an average of 82% of what men earned, according to Pew Research Center analysis. Women are also 80% more likely to live in poverty, often serving as primary providers and caregivers for their children. This wage gap intensifies the overall wealth disparity between genders, impacting both current and future generations. The intersection of gender with factors like race, ethnicity, and socioeconomic status worsens the wealth gap, particularly affecting marginalized groups of women. Financial instability, food and housing insecurity, along with a lack of community and familial support, negatively impact the success and pride of children raised in under-resourced households. The cycle continues. When women, mothers, and children thrive, it positively influences communities and future generations.
Achieving economic equity and empowering BIPOC individuals, marginalized persons, and women financially necessitates a comprehensive approach. This involves implementing policy changes, ensuring workplace equality, promoting financial literacy programs, and launching initiatives that facilitate access to education, entrepreneurship opportunities, and wealth-building resources. Addressing these disparities is crucial for closing the wealth gap. Providing these opportunities within safe, joyous environments facilitates the breaking of unhealthy cycles in lasting ways.