Money Conversations That Cross Cultural Lines

According to a survey conducted by the FDIC Black and Hispanic communities are not as financially savvy as other communities.  So why is that?  Have some cultures been provided early financial literacy education as well as opportunity?  As I teach workshops and seminars at many different schools and organizations I look at the faces of all my class participants.  I listen to their experiences around money.  What I have come to understand is all cultures learn from experience with regards to money.  Some people learn lessons from working their family businesses, some from international travels, some from church, some from sitting at the kitchen table with their parent balancing their checkbook or paying bills; and others learn hard lessons.  Hard lessons are money mistakes made initially then either are corrected or are developed into a bad habit.  For example the first time you got a bounced check fee from the bank it may have caused a domino effect.  The mistake was made and hopefully corrected, but my many years in the banking industry tells me that a significant amount of first time offenders traditionally become repeat offenders.  We all learn from experience regardless of our race, but because of race and culture we are exposed and experience many different things.  When you look at your circle of friends, church members, or coworkers try and understand their money experiences and if you can help take the opportunity to do so.  If you learn something take the opportunity to be open and listen. Mark your calendars for the CNN broadcast of "Almighty Debt, a Black in America Special."   Reported by Soledad O' Brien.  Thursday, October 21st at 9 p.m. est.