This week Janet Alvarez, TV and online contributor to CNBC and Telemundo and Executive Editor at Wise Bread joins me to discuss the importance of financial literacy; the specific areas that many consumers struggle with, how COVID has further exacerbated the wealth gap among people of color and the steps people can take to financially prepare and protect themselves from the next crisis.
Main Street Versus Wall Street
While financial literacy feels like it’s becoming a popular topic, the rate of financial illiteracy in the U.S. continues to increase. Janet and I begin our conversation by discussing some of the challenges that come with encouraging consumers to become financially educated. For many, financial literacy does not become a topic of interest until it becomes so out of necessity. Financial advisors and fund managers play an important role in this puzzle. Janet reminds us that while one may think technical and highly sophisticated content is in the highest of demand, many people still struggle with the basics and need information on how to manage aspects of day-to-day financial planning and well-being.
COVID has been a very challenging time in many ways, including financially. Unfortunately, this financial burden has been more apparent and uprooting for some, particularly those of color. Janet highlights the heightened unemployment rate for people of color during COVID and discusses some of the long-term effects this could have in the existing wealth gap. As with everything else these days, journalism is becoming more digitalized. Janet discusses the power of social media in journalism, but also stresses the new onus that has been placed on the consumer to fact check.