Fact Sheet: Black Women’s Financial Trauma
We are proud to release a fact sheet authored by Scholar Chloe B. McKenzie, a financial literacy expert and founder and CEO of BlackFem, Inc.
The fact sheet outlines how the wealth gap could be narrowed by financial literacy education, if curricula recognize and repair the financial harms that have affected Black women.
The fact sheet defines three key concepts that must be addressed: financial shaming, financial abuse, and financial trauma.
- Financial Abuse is an event, action, or policy that inequitably reinforces the conditions that impair a person’s financial capability.
- Financial Shaming is the cultural message that Black women are to blame if they are socioeconomically harmed; and that regardless, no amount of wealth will translate into Black women and girls’ sense of belonging.
- Financial Trauma is the response to the cumulative harming of a person’s wealth-building capability and relationship with money.