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Financial literacy conference on Juneteenth hopes to close racial wealth gap

Posted at 11:15 PM, Jun 16, 2021
and last updated 2021-06-16 23:15:04-04

BALTIMORE — The largest black owned financial institution One United Bank will host its first financial literacy conference called "OneTransaction" on Juneteenth to educate and empower Black Americans to build generational wealth.

The virtual conference will feature a dynamic group of presenters, which will include actress and author Tiffany Haddish, ABC Shark Tank's Daymond John and more, to help coach attendees and put them on the path financial success.

Kevin Cohee, who is the CEO of One United Bank, said the goal of the conference is to also help close the racial wealth gap, which he believes is the result of a systemic racism, including slavery, Jim Crow, redlining and the lack of fair housing.

“We were given no money. We were given no education," he said. "The major reason white people have more money than black people is because they were able to both buy houses and buy houses in neighborhoods that appreciated in value."

According to the Brookings Institution, the net worth of a Black family is $17,150 compared to $171,000 for a white family.

“We certainly believe there’s never been a better opportunity to overcome those challenges than there is today and that’s because of the internet.”

The OneTransaction campaign is based on six core principles that can help close the racial wealth gap, according to One United Bank.

Those transactions are owning a home, owning a profitable business, savings/investments, a will, life insurance and improving credit score.

The virtual conference will help families focus on one of those strategic transactions in an effort to help them become more financially literate.

One United Bank's One Transaction virtual financial literacy conference is expected to have around 50,000 attendees, but admission is limited.

If you would like to sign up for the free event, you can visit this link here