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A recent national report showed young Black and Latino Floridians want to own homes, start businesses and build wealth for their families at rates matching or exceeding their white peers but face significant barriers to achieving their goals.
The Shift Forward conference in Orlando on June 30 is bringing together advocates and policymakers to discuss solutions.
Candice Wang, senior researcher for the Julian Bond Institute at the Center for Responsible Lending, said the problem is not a lack of ambition.
“We found 77% of Black Gen Z and 70% of Latino Gen Z say that they want to build an inheritance to pass on to their loved ones, even though they’re much less likely than their white and Asian peers to expect to receive an inheritance themselves,” Wang reported.
The report found 44% of Gen Z aspiring homeowners feel they will never own a home. Among Black millennials, only 23% have achieved homeownership, compared with 51% of white millennials.
Sam Chesser, Florida president of Self-Help Credit Union, which is involved in the conference, said the findings show the need for both policy changes and practical support.
“We’re intentional about reaching out to communities which have been under-resourced or underserved and who faced systemic barriers,” Chesser pointed out. “We’re always looking at our products and trying to decide, well, how can we improve these products to provide better access for people?”
The report found Black people within Gen Z are three times more likely to have used a payday loan app than their white peers.
It recommended expanding down payment assistance, reforming mortgage underwriting and expanding small-business lending in communities with the highest entrepreneurial aspirations.
Report: Why are young people of color locked out of wealth building? was first published by PNS and was republished with permission.
Trimmel Gomes is a Producer with Public News Service.
