Black tax has no set definition – it is different things to different people.
One definition might be the financial contributions young black workers make to assist their families. While financial family responsibility is universal, what is unique for many blacks is the extent and prevalence of their obligations. Because of the history of dispossession and segregation – like education and healthcare access, coupled with high levels of unemployment – many young and middle-age blacks are likely to be breadwinners.
These breadwinners may be the first in their family, or the first in a number of generations, to have received post-school education.This context can make their family financial obligations emotive and difficult for individuals who also want to achieve their financial goals. Hence, prioritising one’s own financial well-being may seem like a selfish pursuit in these circumstances.
This critical information can create new opportunities for young people to think about what they want to achieve for themselves – a new car, purchasing a house, planning for a child’s education, or furthering their studies. It also includes looking at current financial obligations and costs and setting an achievable plan.
Understanding more about finances is crucial to knowing the questions we must answer to get on with our own wealth journeys. It takes a significant amount of effort, difficult discussions with families about priorities, tough choices, planning, and perseverance to make it happen.
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