If the current state of the world and recent pandemics have taught us anything, it’s that we as a nation really need to change our mindset when it comes to a number of real life issues. Health, community and especially money, given how one pandemic changed the entire economic state of the world.
From the start of the Covid-19 pandemic, Americans began losing their livelihoods by the day, once the doors were closed on businesses across the country. As of April 2020, job loss hit a high with over 16 million people filing for unemployment. This led citizens to seek stimulus assistance, unemployment checks, or forced into entrepreneurship for survival.
Which leads us to question, just how secure are we as a nation when it comes to financial stability? But more importantly, why were we so unprepared?
As a nation, from young entering the school system we are taught the basic academic curriculum, math, science, history, etc. But where we lack when it comes to education, is educating our children on essential skills they’ll need for survival once they become adults. When it comes to the stock market, taxes, finance, entrepreneurship etc, the school systems are dropping the ball not informing the youth on things that matter, setting them up for failure in the years to come.
During the Essence Fest Wealth & Power panel we kept the conversation going with some move makers in the industry. Moderator and McDonald's Senior Director, Suneily Natal-Davis sat with McDonald's Owner, Marissa Thrower-Fisher, Entrepreneur, Ross Mac, Financial Guru, Lauren Simmons and McDonald's Senior Director, Eunique Jones Gibson, to discuss the truth about financial literacy and why we need to not only rely on the schools but start these conversations right at home.
“That’s where it starts, it starts at home. Unfortunately we all go to school and we learn a lot of stuff that doesn’t necessarily apply to everyday life. I don’t think I need to know about isosceles triangles etc. however financial literacy is something that we need in order to survive in America and I think when it’s all said and done we have to normalize having conversations about it. I know a lot of folks will talk about the latest episode of ‘P-Valley’ but they also have to talk about how to improve their credit, or what’s going on in the stock market.” said Ross Mac
Panelists went on to share their own experience and knowledge when it comes to money, business and generational wealth, giving tips to those looking to get serious about financial literacy.
For the full conversation. head to Essence.com.