We do not have the practical information we need to access and fully participate in the American Dream. The economic literacy campaign is designed to build an economic infrastructure in the minority community. Dollars earned in the black community rapidly are spent outside that community, and because of that, blacks have income but not wealth, Stith said. The average net worth of white families is significantly higher than that of black families. That means a lot of black families are two paychecks away from poverty.
Economic literacy is important.
ONE has three outstanding partners in the Houston effort. Peter Beard, vice president of National and Neighborhood Initiatives for the Fannie Mae Foundation, said the foundation supports nonprofit organizations working to provide decent, affordable housing and to otherwise improve the quality of life in communities. The foundation believes people should have opportunities and recognizes that barriers to those opportunities exist. Home and business ownership are important components of helping people improve their lives and their communities, he said. Studies show that families who own homes are healthier, their children tend to stay in school, they participate more in elections, they care more about their schools and they are more active in their neighborhoods.