NEW YORK – With Juneteenth – a federal holiday recognizing Black liberation and the end of slavery in the U.S. two years after the Emancipation Proclamation was signed– coming up on Friday, the disconnect between financial equality and Black Americans is still at large.
Journey to financial freedom
By the numbers:
According to the latest data from the Federal Reserve, between 2020 and 2022, the average median net worth for an average white family was over $285,000. The median net worth of the average Black, non-Hispanic family was $44,900 – a staggering $240,000 disparity.
And that $44,900 was a 60 percent increase from 2019.
CEO of Wocstar Capital and co-founder of Wocstar Fund, Gayle Jennings O’Byrne spoke to KTVU about the financial barriers that entrepreneurs, but especially Black entrepreneurs, face.
“One, is access to capital. Two, is building a consumer and customer base, and three is getting access to talent,” she said. “As entrepreneurs, even whether you’re Black or not, those are three things you got to focus on.”
As the executive of Wocstar Capital, which is a venture capitalist firm based in N.Y. dedicated to accelerating diverse business opportunities, Jennings O’Byrne implored viewers to support local businesses as they try to build their consumer and customer base.
“The big box stores are great, but let’s support local shops around us,” she said.
Jennings O’Byrne also provided insight including that members of the Black community should learn as much as they can about credit, debt, homeownership, and investing.
The Source: Interview with Gayle Jennings O’Byrne, National Archives News, and data from the Federal Reserve. This story was reported from Oakland, Calif.