Why it is important to talk to each other and the next generation about finance, saving! MONEY MONEY MONEY The good, bad,ugly and indifferance. Financial Literacy in the Black Community The racial wealth gap that exists in the U.S. today has grown over centuries, and it is far from a simple fix. While the most effective solutions would likely require systemic change at the highest levels, a better understanding of how the wealth gap has formed — and the ways it has negatively impacted the Black community — can help individuals to use financial literacy to make a difference in their day-to-day lives. Generational wealth, sometimes called family wealth or legacy wealth, is where there is wealth passed from one generation to the next. This could range from providing funds to help pay for education or a down payment on a home, to substantial wealth expected to sustain multiple generations to come. One of the biggest reasons why wealthy families lose their money and fail to pass it on is a lack of financial literacy. This includes not having enough knowledge about how to handle wealth properly, failing to plan for future generations, and not diversifying investments.