June 1, 2020
The Financial Health Network shares the grief and anger of Americans everywhere as we struggle to process the recent and senseless deaths of black people as well as the ensuing public demands for accountability. We unequivocally condemn any and all forms of racism and discrimination, and we recognize the pain and trauma being inflicted on our black colleagues and communities. But it is also no longer enough to say these same words, the ones we say over and over again every time a new racist act takes our breath away. It is no longer enough to work for a mission-based organization focused on systemic change if we are not actively working to dismantle systemic racism.
Our own research tells us that financial health is not distributed equitably. Black and Latinx people earn less money than white people, and they own far fewer assets. They are twenty-five percent less likely to have prime credit scores compared to White people, and are equally less likely to have manageable debt. If we expect to improve financial health for all, then we have a duty to leverage our platform to help dismantle both cultural and systemic determinants of racism.
The Financial Health Network remains committed to the important work of building a future where all people can build resilience and thrive. This includes ensuring that our research and data are designed to identify and highlight the disparities faced by underserved communities. It means supporting diverse innovators who are working on behalf of historically marginalized customers. It means convening individuals and a network of member organizations who are engaged in efforts to improve the financial lives of their customers, employees and communities.
We cannot do this alone. We are calling on our partners, members, and communities to join us by committing organizational resources to fight against racism and the determinants of discrimination.