For years, we’ve been told to “get the bag.” But what’s the point of securing it if we don’t know how to keep it? April marks Financial Literacy Month, and while social media has cracked open space for more honest conversations about money, there’s still a long road ahead when it comes to dismantling financial inequities and closing the knowledge gap.
A recent report from MoneyLion and Mastercard found that more than half of U.S. adults (56%) say there are barriers blocking them from learning about money and personal finance. The top reasons? Not knowing where to start (21%), confusing resources (15%), and the fear of confronting their financial truths (14%).
And it’s not just our wallets that suffer. A lack of financial literacy can take a serious toll on our health. About 66% of Americans say they’ve experienced physical symptoms from financial stress, and nearly 60% have put off or skipped healthcare because of money concerns. Inflation’s only making things worse—67% of Americans say it’s hit their mental health, sparking stress, anxiety, and making it harder to afford nutritious food. Add in the racial wealth gap, and these struggles get even heavier for marginalized communities already navigating systemic roadblocks.
Understanding the nuanced link between financial literacy, generational wealth, and mental health, Shanisha Dixon-Tyrell, a New York-based financial and leadership coach, created FinLit, a free financial literacy conference for teens 13 to 18 and their parents.
“Being in the financial industry so long, originally, I started working with adults, and then at one point, I pivoted, started working with kids, and I just kept realizing that there’s a disconnect,” she told theGrio. “Even with myself and just my household, if I asked my mom, ‘Oh, can I have $1?’ she would say, ‘Stop cursing at me.’ The money conversation is so taboo in our household, but when I would see other families, they would bring in their kids in the [financial] conversation.”
In Black households, where parents often carry the weight of sacrifice to provide for their kids, it’s not uncommon for children to end up knowing more about topics like finances due to newer educational opportunities. That shift can create tension and, as Dixon-Tyrell points out, even resentment. But it doesn’t have to be that way.
“If the parent and the child are learning together, for one, they have a better conversation [because] they know what to talk about outside of surface-level things. And they also get to build together,” she explained. “So now [they] can leverage one another to build wealth for each other…for the family. That’s the whole reason why I wanted to make sure that FinLit wasn’t just the youth, it was the youth and their parents.”
With 13 years of experience in financial services, Dixon-Tyrell aims to help people bridge the gap between information and implementation through the conference’s hands-on workshops and her financial education and coaching firm, “Shanishas Changing Lives Inc.”
“A lot of times we feel like it’s not easily accessible to get this kind of information, or when we hear it, we want to hear it from a certain kind of person. And so I feel like we should not feel like we have to hear information from a white person in order for it to be accurate or valid,” she noted, explaining the importance of hosting a free conference, but also ensuring representation by bringing in Black industry professionals.
For the New York native, the annual FinLit Youth Conference is extra special as it takes place at her high school alma mater, The Academy of Urban Planning. Working in partnership with the school, the Brooklyn Nets, and Bushwick Campus, Dixon-Tyrell hopes to encourage young leaders to better understand financial concepts and unlock their full potential.
“They always say be the change you wish to see; I wanted to make sure that I am that change. So I created something where people wouldn’t have to continue to say, ‘Oh, I wish I knew earlier,’” Dixon-Tyrell shared. “With the conference, it was important for me to go back to my high school because I feel like that’s where a lot of change happened for me, and I want to continue that legacy of change.”
As Americans continue to navigate the twists and turns of today’s financial landscape, Dixon-Tyrell reminds us that wealth is within reach, despite what the headlines may suggest.
“Wealth is at our fingertips [and] it doesn’t require a lot. You can invest your way to wealth…we have the same access. If you have a Social Security number, you can do it. If you have an income, you can do it,” she concluded. “The best investment you can ever and will ever make is in yourself…It’s really a matter of doing it…getting started.”
