Unfortunately, finance, personal finance and economics is something that most Americans learn at an older age rather than at a young age. African Americans in particular, (IMO), often are just surviving financially, and often thatis the primary financial focus, surviving and making ends meet until the next paycheck. It is usually people who were taught from a very young age, the value of money and the importance of saving over spending, manage their finances prudently. However, many in the African American community have no other choice but to spend instead of saving because there is usually nothing left to save.
On the other hand, there ae plenty of us that squander whatever we do have left to save on instant gratification/unnecessary spending. African Americans fall into the same money trap that most Americans find themselves in, and that is satifying the materialism culture in America first, over any possible saving.
Most of us do not grasp the broad picture of the true circumstances of our survival and existence in America until we are much older and a little wiser, if at all. If African Americans could be made to see, or made to accept, from a young age, the fact that we are the last hired and the first fired, average less on the dollar in wages compared to that of Whites in the first place, or that our economic existence as a whole in this country is predicated on the whims of those and that which is out of our control, then, we may do better in saving, financial prudence, and financially preparing ourselves for the very 'racial wealth gap' that we live exist in.