April 21, 2023: Black Financial Literacy Awareness Day

WHEREAS, there are 1.376 million African Americans living in the State of Michigan as of 2019; and,

WHEREAS, median household income among Black Americans is less than two-thirds of White, non-Hispanic households, and less than half of Asian households; and,

WHEREAS, the median and mean wealth of White families as of 2019 was $188,200 and $983,400 compared to just $24,100 and $14,500 for African American families; and,

WHEREAS, nearly half of all African American households are underbanked, while nearly 14% are unbanked completely; and,

WHEREAS, 50% of African American households also do not own any stock or real estate investments; and,

WHEREAS, African Americans have an estimated $1.6 trillion in spending power, but continue to lag behind all other groups in the U.S. as a whole in terms of financial wellness; and, 

WHEREAS, there is a strong link between financial literacy and financial wellness among African Americans. Those who are more financially literate are more likely to plan and save for retirement, to have non-retirement savings, and to better manage their debt; they are also less likely to be financially fragile; and, 

WHEREAS, improving financial literacy among African Americans is an important goal, but we also recognize the wealth gap between White and Black Americans is directly linked to longstanding institutional and structural racism that is not only part of our history, but remains a barrier to accumulating wealth today; and,

WHEREAS, Michigan is committed to educating and empowering African American residents, both financially and economically;

NOW, THEREFORE, I, Gretchen Whitmer, governor of Michigan, do hereby proclaim April 21, 2023, as Black Financial Literacy Awareness Day in Michigan.