Industry leaders share their ideas at InvestmentNews Women to Watch think tank
Financial illiteracy in the U.S. hits women and women of color especially hard, according to several participants in an InvestmentNews workshop on the role financial literacy can play in making the advice industry more diverse and inclusive. The half-day think tank was held directly before this year's Women to Watch awards luncheon.
As reported in a recent InvestmentNews' investigation, only 57% of American adults are financially literate, ranking the U.S.14th among all nations despite having the world's largest economy. The U.S. is only slightly more financially literate than the population of Botswana, which has an economy that is 1,127% smaller.
The issue is even worse among women and women of color, explained Chloe McKenzie, founder and CEO of BlackFem and On A Wealth Kick.
"Wealth inequality is real, it's crippling and it's distributed heavily along racial and gender lines," Ms. McKenzie told the think tank. "Girls and women of color need the most help."
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