The damages caused by financial instability are not limited to the pockets of these communities. Mental health is one of the major epidemics affecting black communities to the tune that 38.8% percent of Black Canadians in difficult financial situations face mental health issues. The number one reason for divorce in the Black community is financial security. These factors generate incalculable damage in families and communities. They destroy the family structure and negatively impact future generations – who are raised in unstable homes and with nothing to hope nor strive for. There is an urgent need to revamp the way that Canadians receive financial services to equally share opportunities in this new era of financial services.

In this new era of financial services, technology driven wealth, accessibility and equity is proliferated by the role that technology startups and serial entrepreneurship is playing in furthering the wealth gap, not only in Canada but globally. It is not just founders of venture-backed startups who tend to be distinctly non-diverse— there are also, typically, few employees who are people of color. This makes yet another route to building wealth that has been largely closed to most members of marginalized communities.

To get a foot in the door, barriers such as a lack of network and connections or even an understanding of how to build generation wealth need to be broken down.