Not just financial institutions, but all ethnic minority owned industry in general. And in case you feel the need to ask, why is this important at all?
Well, for a number of reasons. Minority groups across the world have far more in common than they know. For example shortage of money in black families is something that is common in all black communities across the world. And because of such, many related problems emerge. Here it must be pointed out that not only is the standard of education that black people receive related to this problem but the job opportunities open to them as a consequence of that standard of education also affects the financial position of families in the long run, and consequently the financial position of black communities in general.
However, as I’ve argued elsewhere on this blog, there are other subtle effects the lack of money presents. It means for example that parents can’t spend money on private tuition, because that money doest exist. The effect being some children do not receive the added assistance they need to excel academically – a thing that can help them get into better schools, and possibly get better paying jobs.
Similarly, shortage of money also means most parents don’t have the ‘luxury’ of enriching their children’s educational experiences with extracurricular activities (for example joining an after school club, or learning how to play a musical instrument – a skill that can later help them make pocket money[in university for example, playing for a student or church band ]) that incur cost over and above tuition fees.
And finally, the parent’s work commitments are usually prioritised over enriching the children’s cultural experiences through visits to museums or events that explore black history and suchlike. The effect, the child grows up not knowing certain important historical lessons which they ought to know.
Almost all black communities wherever they may live in the world have families that experience these challenges.
But what underpins all these things is the shortage of money, and if you read the various posts on my blog about race, minorities and the experiences of black people you will understand the principal causes and how to address it.