The American financial system has systemic racism built in. For generations, systems like redline and predatory lending practices have resulted in a wealth gap that sees communities of color without equal access to jobs, homes, health care and education, and that chasm is only widening due to the two-plus year pandemic we have been through.
In Uproxx’s latest original video, Opportunity gapSteve Vasquez reports that four in ten black households have lost income or jobs in the past two years and explains how the legacy of unfair federal and state housing and lending policy has contributed to the fact that the 400 America’s richest billionaires hold more wealth than all 10 million black households in America combined.
It’s a disparity that needs to be corrected and while it will take a lot of time and effort to address America’s long legacy of systemic racism, a powerful way to better balance the scales of an unequal financial system right now. is to increase access to underserved communities. Digital banking platform Varo Bank and basketball icon Russell Westbrook are trying to do just that with Russ x Varo Money Power.
Russ x Varo Money Power is a personalized financial education program designed to educate its members about the historic barriers that have been built into the US financial system for decades while providing tools to help navigate budgets, careers, avoid money traps and even start a business. Westbrook is no stranger to how much money can be a barrier to success and has used his platform so far to bring the financial knowledge he wishes he had growing up to a younger generation of future tycoons.
Although the program is new, he has already seen a class of graduates leave and is eager to teach the next class and offer the tools to counter the ripple effects of an unfair financial system.
To learn more about Varo Bank’s Russ x Varo Money Power program, be sure to watch the video above or visit the official Varo Money website.