What Is Economic Equity—and Why It Matters to Us All

April is Financial Literacy Month—a time to reflect not just on personal finances, but on the importance of equitable access to financial tools, education, and opportunities. In today’s economy, the ability to understand and use financial tools is more important than ever since these resources can be powerful pathways to long-term financial freedom—not just for individuals, but for future generations.

Unfortunately, many underrepresented groups continue to face barriers to accessing the education and support needed to fully benefit from these tools. In a Financial Industry Regulatory Authority study, groups of participants were asked to answer six personal-finance questions; while men correctly answered 3.3 questions on average, scores were meaningfully lower for underrepresented groups like women (2.7), Hispanic Americans (2.6), and Black Americans (2.3).

In addition, barriers to financial education carry a steep cost, limiting their ability to achieve economic stability and long-term opportunity. According to 2022 research by the National Financial Educators Council (NFEC), a lack of personal finance knowledge costs the average American $1,819 each year, with women and people of color disproportionately impacted.

Economic equity means everyone has a fair opportunity to achieve economic success, regardless of gender, race, income level, or background. It’s not about giving everyone the same resources—it’s about recognizing the unique barriers people face and ensuring they have what they need to overcome these obstacles.

We know that equity is not simply a moral issue — it is an economic imperative. According to Citigroup research “ if four key racial gaps for Black community members — wages, education, housing, and investment — were closed 20 years ago, $16 trillion could have been added to the U.S. economy. And if the gaps are closed today, $5 trillion can be added to U.S. GDP over the next five years.”

But equity doesn’t happen on its own. It requires action—and allyship. Allyship means listening, advocating, and using your power to create space for others. Whether you’re a lender, mentor, customer, or policymaker, you have a role to play in building a more inclusive economy.

At WEV, we recently surveyed our community to better understand the lived experiences of entrepreneurs in our region. One thing is clear: many of our community members face significant obstacles in their mission towards financial freedom. Although these barriers affect individuals on a personal level, their consequences extend far beyond this —affecting the overall health and resilience of the Central Coast economy.

For those who haven’t yet had access to financial information or tools, WEV offers a suite of programs and classes designed to build knowledge and confidence. Wanting to establish better bookkeeping strategies for your small business? WEV offers personalized Bookkeeping Consulting. Facing challenges with credit, loans, or debt? Their 6-week Credit Builder course helps participants strengthen their credit, reduce financial stress, and move toward long-term financial stability. Unsure where to start? Their free Financial Empowerment session can help you take control of your personal finances by building the skills, mindset, and confidence to set meaningful goals for your future.

You can also support this work directly by donating to WEV—your contribution helps expand access to financial literacy, build confidence, and create real economic opportunities for those who need it most. At WEV, for every $1 raised, $15 is generated in our local economy.

When we invest in those who have been historically excluded, we all benefit—families become more stable, businesses flourish, and regional economies grow stronger and more resilient.

As we wrap up this year’s Financial Literacy Month, we invite you to reflect, learn, and act. Let’s move beyond awareness and toward shared prosperity—where everyone has the tools, the support, and the opportunity to succeed.