Author: Earlene Greene

Millennials are set to become the largest generation and portion of the workforce in the U.S. though they continue to lag behind Baby Boomers when it comes to creating generational wealth. People 57 to 75 years old, control 53% of the country’s total wealth, and have a far larger share of the country’s wealth than millennials when they were the same age, 21% compared to the millennials’ 4.6%. Building generational wealth, financial assets passed down from one generation to another, is an uphill battle for millennials, particularly Black millennials whose financial legacy is imperative in closing the racial wealth gap.

Many say that the Black consumer’s spending power is impressive, but it’s futile if it doesn’t create economic power, racial equity, political control and systemic change. Black Consumer’s economic power is set to expand from $910 billion in consumer spending in 2019 to a projected $1.7 trillion by 2030. This makes our spending power equal to the projected GDP of Mexico in 2030, representing the top 30 markets of $250 billion or over 25 percent of Black consumption. Although we are empowered, it seems as though our power serves others and keeps us stuck in a disadvantaged consumerism cycle, and top Black consumers shouldn’t wait for change, they can demand it.

By Earlene Greene Baby Boomers control 53% of the U.S. wealth vs. millennials 4.6% In 2064, the average white family likely will possess $2.7M in wealth vs. $789K for the average Black family Millennials are set to become the largest generation and portion of the workforce in the U.S. though they continue to lag behind

By Earlene Greene Baby Boomers control 53% of the U.S. wealth vs. millennials 4.6% In 2064, the average white family likely will possess $2.7M in wealth vs. $789K for the average Black family Millennials are set to become the largest generation and portion of the workforce in the U.S. though they continue to lag behind

By Earlene Greene 75% of 400 Black-owned businesses saw an uptick in Sales Yelp searches for Black-owned businesses increased by 3,085% Following the death of George Floyd Americans have renewed their interest in supporting the economic advancement of African Americans, and amid online support, Black-owned businesses saw huge spikes. Some 75% of 400 Black-owned small

By Earlene Greene Highly rated businesses in majority Black neighborhoods have slower revenue growth amounting to $1.3B in revenue loss each year Businesses in majority Black neighborhoods receive lower Yelp ratings and fewer reviews When rating a business on Yelp (YELP +2.62%), do you reflect on your experience with the product, service, or something else?

By Earlene Greene The 2nd Paycheck Protection Program (PPP) set aside $60B for small and medium-sized financial institutions. Bigger banks only approve 29% loans requested by Black business owners The coronavirus has had a disproportionate health impact on communities of color and the economic toll has been severe for Black business owners having been excluded

By Earlene Greene In the U.S. contact tracing could create as many as 250K jobs The unemployment for Black workers is now 16.8% As the economy reopens, companies are creating roles to keep employees and customers safe from spreading the coronavirus. This should be good news especially for Black workers since their unemployment rate now

By Earlene Greene Closing the racial wealth gap could net the U.S. economy between $1.1T and $1.5T by 2028 The average net worth of White families in the U.S. is $171,000 and $17,150 for Black families The racial wealth gap continues to threaten the economic stability, social, psychological and moral principles of communities of color

By Earlene Greene PayPal, Pepsi and Facebook have committed $530M, $400M and $100M to Black-owned businesses 81% of Venture Capital funds have no Black investors Black business owners are suddenly finding themselves receiving more attention, the kind of interest from companies most of them have only dreamed of. Companies including PayPal (PYPL -1.09%), Pepsi (PEP

By Earlene Greene Since 2017, median income has increased only 1.8% among African Americans  (from $40,963 to $41,692) With a spending power of over $1.4T, closing the income gap would mean more Black dollars to invest in the economy The COVID-19 pandemic has exacerbated the Black income gap by reducing the resources needed to keep

By Earlene Greene 883k+ business applications were submitted in the 2nd Quarter of 2020, up to a record 40% The number of firms owned by African-American women has grown by 164% Small businesses are on the rise reaching their highest quarterly level on record at 40%, building on the 883,000 plus business applications submitted during

By Earlene Greene Spending on credit and debit cards for stimulus recipients grew by 12.7% compared to the 2.8% for non-recipients Black community unemployment now stands at 9.9%, and remains the highest among large racial groups If there’s any doubt about whether Americans should get stimulus checks, consider the powerful impact they have on families,