Originally published on tiaa.org.
TIAA and AARP sponsored event featured industry experts, including CBS National News Correspondent, Michelle Miller.
On January 31, Howard University convened an important event focused on enhancing the economic strength and financial wellness of African Americans. The event, sponsored by TIAA and AARP, brought together industry experts for a discussion on the financial challenges African Americans face and potential solutions to critical issues, including financial literacy, saving for retirement, managing debt and student loans, home ownership, and wealth inequality.
“In working with our students and the community, Howard University witnesses firsthand the economic challenges African Americans face, and we are striving to help find and implement tangible solutions,” said Howard University President Wayne A. I. Frederick. “We believe businesses, organizations, and higher education institutions can work together to solve these challenges today, so African American students, families, and communities can be successful tomorrow.”
The “Financial Wellness in the African American Community: Reviewing the Evidence, Spotlighting Innovation and Considering Solutions” event featured two discussions: the first assessed the current financial and economic landscape and challenges African Americans face, followed by a discussion around potential solutions that could help improve African Americans’ overall financial wellbeing.
“African Americans constitute a critical segment of our economy, but our 2019 Personal Finance (P-Fin) Index shows they often exhibit lower financial wellbeing and financial literacy than many other demographics,” said Roger W. Ferguson, Jr., President and CEO of TIAA. “Financial education is an important way to help address these challenges. We know that people who are more financially literate are more likely to plan and save for retirement, to have non-retirement savings, and to better manage their debt – all of which lead to improved financial outcomes and wellbeing.”
“Although AARP’s work is focused on advocating on behalf of people age 50 and over, some issues transcend age. One of them is financial literacy,” said AARP CEO Jo Ann Jenkins. “That’s why AARP is pleased to be part of this Howard University event that seeks to put the importance of financial resilience and savings firmly on the radar screens of the young African American leaders who comprise its community.”
CBS National News Correspondent, Michelle Miller, moderated the day’s conversations, in which insights were heard from top industry experts including:
- Camille Busette, Senior Fellow, Brookings Institution
- Barron H. Harvey, Ph.D., Dean, School of Business, Howard University
- Kilolo Kijakazi, Institute Fellow, Urban Institute
- Annamaria Lusardi, Denit Trust Chair of Economics and Accountancy, George Washington University School of Business
- Lisa Mensah, President and CEO, Opportunity Finance Network
- Stacey Tisdale, Financial Journalist, Author, CEO, Mind Money Media Inc.
- Frederick Wherry, Professor of Sociology, Princeton University
The “Financial Wellness in the African American Community: Reviewing the Evidence, Spotlighting Innovation and Considering Solutions” took place on Friday, January 31 at Howard University’s Cramton Auditorium.