Striving Toward Equity, One Reader at a Time

The Washington, D.C. area’s median income, in 2021 dollars, was $93,547, and the median home value was $635,900, according to U.S. Census data.

Yet not all community members share in this wealth. In Baltimore, for instance, the average white household in 2017 had a median income of $62,751, almost double that of Black households’ $33,801, according to research from the nonprofit Prosperity. One-third of households of color in Baltimore have zero net worth. Black homeownership stands at 42%, compared with 60% for white households. Loan inequity and a lack of access to capital contribute to this disparity, as does gaps in financial literacy.

As a purpose-driven organization, inclusive growth is a key component of Deloitte's equity strategy.?One component of this strategy is The Exchange, an initiative in which 德勤 and diverse publishers co-create and distribute business content covering a range of topics, including financial literacy. The Exchange was launched in collaboration with five publications that primarily serve their local Black communities. As the project grows, we are expecting to extend its reach by working with publications in other underserved communities.

I am thrilled that as part of the initial phase of this project, Deloitte is teaming with The AFRO-American Newspapers , the nation’s oldest family-owned Black newspaper in the US and the oldest Black-owned business in Maryland.

Frances Toni Draper is the publisher and CEO of Afro-American Newspapers, more commonly known as The AFRO. The paper was founded in 1982 by her great-grandfather, John H. Murphy Sr., a former enslaved person. Mr. Murphy’s goal was to publish stories that highlight and advance the local African American community. I had the privilege to speak with Dr. Draper about The AFRO, her great-grandfather, and the profound impact collaborations between organizations and diverse media can have on society helping to promote and advance financial equality for the Black community and historically marginalized groups.

JEREMY: What role has the AFRO and Black journalism in general played in encouraging the economic advancement of Black Americans?

DR. TONI DRAPER: Over the?last 130 years, the AFRO has encouraged the economic advancement of Black Americans by:?1. writing original stories about those in the Black community who have done well economically; 2. publishing entire editions on Black wealth, as well as consistently writing stories about responsible credit, saving, investing, home ownership, the economic advantages of a college education, entrepreneurship, etc.; 3. serving as an example of a successful Black business; 4. investing in the communities that we serve.

JEREMY: Why is it important for initiatives like the Exchange to exist? How can they further serve the Black community?

DR. TONI: Relationships, like ours, have important?benefits for all concerned: 1. "we're better together" as both parties have a lot to contribute, including an appreciation for one another's strengths and challenges.?Collaborations show our customers, team members, board members and vendors that we are intentional about working together to benefit the community as a whole. For example, a financially literate community is good for all. Deloitte has knowledge and resources that can help uplift the Black community. The Black press is a trusted source of information. When we collaborate, it is a win-win,?and an example that?can be replicated.?

JEREMY: What do organizations need to address to take steps toward financial equity for all?

DR. TONI: Corporations (including publishers of the Black press who are also?CEOs) need to address their internal and external policies and be intentional (as Deloitte is being) about forging meaningful, long-term collaborations not spurred by current events but by the corporation's desire to form mutually beneficial, authentic relationships.?Corporations, in general, also need to address their procurement policies, their promotion policies and their ESG investment policies/factors.?

In addition to The Exchange Program, Deloitte announced a $1.5B investment over the next 10 years in health equity, education and workforce development, and financial inclusion initiatives that we believe can help build pathways for economic prosperity for all people. As part of our commitment to build a more equitable society, Deloitte is working with organizations such as OneTen , a coalition committed to help hire, promote, and 1M Black Americans without a four-year college degree into family-sustaining careers by 2030 and the Greater Washington Partnership , a civic alliance of leading employers in the Capital Region committed to fostering unity and making this region the most inclusive economy in the nation; and so many more.

It’s not enough for business leaders in the Greater Washington Area to focus solely on profits and financial success though. We need leaders to think BIGGER and consider participating in initiatives aimed at creating a more equitable world. It is only through purpose-driven actions that we can bring about much-needed change and create a better future for all.

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

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