Guest Column: Denver Bronco Player Explains Why Financial Literacy is Essential for Equality

“A host of positive psychological changes inevitably will result from widespread economic security.” – Dr. MLK Jr.

To combat inequality, we must first start with knowledge.

We have all seen firsthand the transformative power that understanding money can have on individuals and families. As we celebrate Black History Month, may we all be inspired to act to improve financial literacy, particularly within minority communities.

READ: Guest Column — Closing the Racial Wealth Gap With Education and Financial Planning

Financial literacy goes beyond balancing a checkbook, investing in stocks or even choosing a bank.  Understanding money empowers people and their loved ones to build stability, recognize opportunities and eventually retire.

For me, financial literacy became a passion after I spent my entire first-year salary as an NFL rookie. Shocked and embarrassed, I set out to learn about what to do when you have money. 

I took small steps first: reading the money section of USA Today found in every locker room but often untouched; I read the book ‘Millionaire Next Door’, and invested $500 to own stocks on things I used every day. Just a few short months after making these changes, I realized the exponential power of financial literacy and what it can do for every community. With this newfound ability and experience, I knew that financial literacy could unlock the potential of every community. 

READ: How to Choose the Best Budgeting Method for Your Financial Goals

However, despite the impact that financial literacy can make on individuals and their futures, there are significant challenges facing young children today in terms of economic equality and financial education. The systemic barriers rooted in historical injustices continue to perpetuate inequalities in housing, education and the justice system.

Take, for example, the discriminatory practices in lending where major banks have settled lawsuits for charging minorities more than Caucasian Americans for loan products. The devaluation of African American properties through biased banking, appraisal and permitting processes further exacerbates economic disparities.

These injustices are not relics of the past; they persist today, shaping the economic landscape for each of our beloved communities.

Yet, amidst these challenges lie immense opportunities if we all commit to increasing financial literacy in youth today. Every kid, in every class, wants to know about money. Likewise, every adult, in every community, wished they had learned more. Never before in American history have laws and practices allowed for owning assets at every level of income. Each of us has more opportunities to own stocks, buy real estate, use online education and learn how to save.  

Through financial literacy, people of every color can become the most successful person in their family’s history. A bright, safe, and profitable future for all of us lies within reach if we act.

READ: Winning the Lottery of Life — Redefining Wealth and Happiness With Financial Planning

To address economic inequality within our country, particularly in communities of color, we need significant policy and social changes. Implementing laws that prohibit the consideration of a person’s name on applications can help combat implicit biases in hiring and lending practices. Additionally, creating a fiscally responsible justice system is essential for city and state funds, and ensuring equitable treatment and opportunities for all.

Mentorship also plays a crucial role in supporting young people, providing guidance and opportunities for growth.  Do you mentor a person? Do you teach them the financial literacy lessons that helped you get to where you are today?

By expanding hiring pipelines, advocating for skills over connections and supporting economic literacy initiatives like Economic Literacy Colorado, we can uplift the next generation of Colorado leaders and entrepreneurs.

Empowering communities through financial literacy goes beyond teaching individuals how to manage money — it’s about dismantling the systemic barriers that hinder economic progress. By equipping people with the knowledge, resources and opportunities they need to thrive, we can create a more equitable and prosperous society for all.  We can win together by investing time into the future of our communities and ensuring that financial literacy becomes a cornerstone of empowerment for generations to come. 

Ryan Harris is a former Denver Bronco and Super Bowl Champion. He also serves as a board member of Economic Literacy Colorado. Ryan was the first African-American to win the Colorado Broadcaster of the year award in 2020. He is also a broadcaster, keynote speaker, bestselling author, and was named Denver Business Journal’s 40 under 40. These days you can catch Harris as the analyst for CBS, radio analyst for Notre Dame football games, Broncos country connected, and Westwood One’s NFL radio broadcasts.