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June 2021
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 In an image-driven world of flashy social media posts and celebrity lifestyle, it's easy to associate financial success with the most luxurious pictures of self-care. An abundance of high-end beauty products and designer home goods are nice, but for most of the world’s population, the idea of self-care is often a lot simpler. For the members of the Black British community who face discrimination because of their gender or sexual orientation, reframing self-care as financial wellbeing is a welcome change for our community of Black women, Black non-binary and Black LGBTQ+ people at My Moon Landing.
Poverty’s pervasive impact on mental health The stresses caused by poverty can have a detrimental impact on mental health. Worry about the most fundamental needs like shelter and food can put added pressure on individuals who are simply trying to get through the day. The systemic social exclusion and inequality that so often shapes the experiences of the Black community is magnified when finances are limited. Less than 1 in 5 people from Black Caribbean and Black African backgrounds have enough savings to cover one month of living expenses. On top of that, the economic pressures of the Covid-19 pandemic and lack of job security – especially for Black youths in the workforce – can heighten feelings of helplessness and despair, especially when it comes to financial matters. We’ve sought to demystify finances for the most underserved groups within the Black community through our financial coaching sessions and financial workshops. Through these financial resources, the My Moon Landing community has expressed optimism about growing their finances, even in the face of economic uncertainty and unequal economic outcomes for Black people. Social pressures versus financial goals Like the big-spender imagery on social media, young Black people looking for financial advice can be exposed to financial misinformation on digital platforms. Profiles suggesting quick fixes to wealth creation without showing the complete picture can cause feelings of confusion and comparison, which can slow down progress towards improved money management. Through our feedback and conversations with our community, we’re glad that those who have attended our financial sessions have a growing recognition that they are on their path. If they can plan and outline their steps in detail, they are closer to making their financial goals a reality. Rather than playing the comparison game, our community members have taken the opportunity to take hold of their unique situations and navigate onward to financial growth, however that looks in their context. For some, it might be changing to another job that takes them on that next step, while for others, it could be paying off their credit card or different saving pots. There’s no ‘one-size-fits-all’ process to improving finances, and part of calming worries about comparisons is knowing your financial journey. Black wealth, Black community and personal prosperity In a year since the murder of George Floyd, much has been said about building Black wealth. What about building community through financial wellbeing? Movements like Black Pound Day seized on the moment to promote wealth generation within the Black community. These are essential movements and they are prompting necessary discussions, but we also feel that the financial wellbeing of individuals can contribute to the overall abundance and flourishing of their communities. At My Moon Landing, our vision is to see Black women, Black non-binary and Black LGBTQ+ people thrive in their communities and take up space as leaders. We must have representation in all areas of society, from Downing Street, the High Street and your street. When the most underserved in our community have the tools to manage their finances, it has a knock-on effect on all who surround them and can truly transform their sphere of influence for the better. That’s the change we want to see. If you are a Black woman, Black non-binary and Black LGBTQ+ interested in our free financial coaching sessions, join here. For the latest news and updates about our work across all our initiatives, sign up for our newsletter.
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 It’s often said that ‘money makes the world go round’, but sometimes it can be challenging to get the big picture on your spending cycles and habits when managing personal finances. Demystifying finances is especially important for some of society’s most marginalised groups because it offers a level of autonomy and certain freedoms. For these reasons and because of our mission to support Black women, non-binary and LGBTQ+ people, we’ve provided free one-to-one financial coaching sessions to members of our My Moon Landing Community. Here’s what they’ve discovered through the process.
Reaping the benefits of a financial action plan For the 15% of Black households that operate on a persistently low-income, focusing on immediate needs or desires can sometimes take priority over long-term financial goals. Once our My Moon Landing members are paired with a financial coach, they work together to identify financial goals and create a plan to achieve them. The plan is where the dream becomes workable because detailed processes are outlined to achieve those goals step-by-step. Participants in the financial coaching sessions have shared how the sessions helped them consider how to plan for their futures. One participant said the sessions taught them to use precise language when thinking or talking about their future financial growth. Another said she learned to be more specific about their life goals as a result of the coaching. Similar feelings were shared by others who took part in coaching sessions, with many emphasising how the sessions prompted them to think beyond their current financial situations and make long-term planning a priority. Coming unstuck through candid discussions about money A recurrent theme from our coaching sessions was how financial coaching helped provide clarity when it came to money management. There’s often a sense of dread, overwhelm and mystery surrounding financial knowledge and education. One of our core aims was to make financial literacy accessible and relatable for our My Moon Landing community. Given the lack of financial inclusion for Black people in the UK, it’s essential that the financial tools are timely and relevant for participants. Our My Moon Landing participants said the coaching sessions made financial literacy easy and simple to understand. Several participants said the time they spent with the coaches provided clarity and they praised the coaches for taking time to understand their unique financial situations. For some, the sessions provided a launchpad for helping them establish their entrepreneurial goals. Others gained clarity through the creation of a budget to guide their financial planning. Building confidence through financial literacy In their own words, our My Moon Landing community has benefitted from participating in these coaching sessions. A noticeable transformation from participants is the growing confidence and fearlessness associated with money. Our community has expressed intentions to be savvier with their finances and to take calculated risks where appropriate. Most importantly, issues causing mental roadblocks have been addressed, granting our community more autonomy and decisiveness in money matters. ‘It’s never too late to start or too early to begin’ has been the overarching theme in our financial coaching community feedback, and with such a go-getting attitude, we can’t wait to see how our My Moon Landing family continues to blossom as a result of these sessions, If you are a Black woman, Black non-binary and Black LGBTQ+ interested in our free financial coaching sessions, join here. For the latest My Moon Landing news and updates, sign up for our newsletter. |
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