How much is financial wellness tied to financial literacy? Well, first, what is the true definition of financial literacy. Financial literacy is knowledge and understanding that enables sound financial decision making and effective management of personal finances. Those who have formal education, coupled with high incomes and a grasp on financial education, tend to have a higher financial literacy rate.
However, for Black women, the story is dramatically different. Black women are faced with a unique set of challenges that impacts their increased awareness of understanding the everyday nuances of their financial health. And because of this, the divide to wealth creation between Black women and their White counterparts are staggering.