How Financial Planners Can Advance Equality \ Nujoom

How Financial Planners Can Advance Equality

How Financial Planners Can Advance Equality? : (NewsUSA) — Financial planning helps individuals and families make sound financial decisions to achieve their life goals. When financial planners offer these services to a diverse set of clients, they help bridge different communities.

A growing body of research shows that America’s minority communities are growing in size and gaining more wealth. However, studies have found persistent racial disparities in wealth, financial literacy, and access to or use of professional financial advice.

For example, the Financial Industry Regulatory Authority (FINRA) found that African American and Hispanic individuals tend to score lower on financial literacy tests than Asian American and white individuals. According to FINRA, African-American and Hispanic adults are more likely to experience an unexpected drop in income, an inaccessible or underserved bank account, and difficulty making ends meet or saving for future expenses……