Breonna Taylor was shot by police in her own home. George Floyd was murdered by the hands of an unjust society and under the knee of a police officer. David McAtee died in his restaurant while allowing protestors to seek shelter from rubber bullets. They, and too many others, have had their lives, futures, and rights taken from them. In response, we must challenge the system that does not live up to its promise that racial justice is a right for all people, especially for Black Americans who continue to bear the disproportionate burden of our historical and systemic racism and oppression that our country has been - and continues to be - built upon. We believe change is mandatory.
Holberg Financial stands with Black Lives Matter and is committed to taking action as we pursue our vision of financial justice and empowerment.
Financial justice cannot exist without racial justice.
Financial Justice: the equal and fair ability for all individuals in society to pursue a financially independent, secure, and healthy life.
Our six core values guide our actions, moral compass, and our vision for a financially just world as we attempt to eliminate the injustices that abound.
Collectively, we face an enormous challenge: for centuries, the financial status quo has been construed, built, modified, and optimized to enhance white affluence at the direct expense of black affluence. Every component of our modern economic and financial system, from the macroeconomic to the individual level, is harnessed to build and preserve wealth among the most privileged and powerful – who are nearly exclusively white individuals and families.
The list of financial injustices black Americans face is as long as it is oppressive:
- White families have nearly ten times more wealth than black families (1)
- White families own homes at 170% the level of black families (2)
- White per person income is 55% higher than black per person income (3)
- Black families pay a greater percentage of their income to paying off credit card debt than white families (4)
- Black families are 5.6 times more likely to be unbanked (not having or routinely using a bank account) and excluded from accessing traditional financial services (5)
- White families have twice as much access to credit cards, are more likely to have a credit score, and more likely to have higher scores than black families (6)
- Redlining, the practice of excluding black families from getting mortgages, was definitively used through 2008 and is extremely likely to still exist today in a widespread, systematic fashion (7)
- The multi-billion dollar predatory financial industry (which includes costly services and products such as check cashing, payday advances, tax refund anticipation loans, subprime lending, high interest vehicle loans, and more) are explicitly designed to target black families, consistently stripping them of wealth and making it harder to liver comfortably and equitably (8)
This is a brief but not exhaustive list. The broader injustice in the financial system, like a mature tree, has both deep roots that extend beyond our visibility and a wide canopy in plain sight; we must continue to address its systemic inequities.
In support and solidarity of Black Lives Matter and all Black individuals and families facing both financial and racial injustice, we are committed to working to undo systemic racism by living up to our core values and by building a financial education and wellness platform that seeks to undo the financial and economic disparities that black people have experienced for far too long.