DIVERSITY The Cost and Effect

1. DIVERSITY The Cost and Effect Dora B. Mays, Ph.D., AFC

2. OBJECTIVES • 1..To increase the awareness of diversity and inclusion of financial counselors, coaches, and educators, therefore improving their effectiveness when assisting clients of different backgrounds • 2. To challenge financial counselors, coaches, and educators to manage their own implicit biases when helping clients with their personal finances • 3. To expand the perspectives of personal finance professionals in order to better accommodate and make concessions for the different perspectives of their clients

3. By learning about the concept of implicit bias and the perceptions that shape an individual’s economic decision making; counselors, coaches, and educators will acquire the ability to understand the role unconscious bias plays in achieving desired goals and can consciously influence the dynamics of their interaction with their clients

4. DIVERSITY •   The concept of diversity encompasses acceptance and respect • It means understanding that each individual is unique, and recognizing our individual differences.  These can be along the dimensions of race, ethnicity, gender, sexual orientation, socio-economic status, age, physical abilities, religious beliefs, political beliefs, or other ideologies • It is the exploration of these differences in a safe, positive, and nurturing environment • It is about understanding each other and moving beyond simple tolerance to embracing and celebrating the rich dimensions of diversity contained within each individual

5. DIVERSITY all of the ways we differ

6. INCLUSION • Inclusion is about ALL of us • Inclusion is about living full lives - about learning to live together • Inclusion makes the world our classroom for a full life • Inclusion treasures diversity and builds community • Inclusion is about our 'abilities' - our gifts and how to share them • Inclusion is NOT just a 'disability' issue

7. INCLUSION • The Americans with Disabilities Act represents an attempt to hear the "inclusion" cry. ... It is generally accepted that "Inclusion" means inviting those who have been historically locked out to "come in". This well-intentioned meaning must be strengthened. A weakness of this definition is evident ~inclusion.com

8. INCLUSION puts the concept and practice of diversity into action

9. Diversity ensures that you get invited to the party. Inclusion ensures you enjoy being at the party

10. “Implicit bias” is a term of art referring to relatively unconscious and relatively automatic features of prejudiced judgment and social behavior Explicit bias” refers to the attitudes and beliefs we have about a person or group on a conscious level BIASES

11. Implicit biases are unconscious social cognition; stereotypes and attitudes that have been developing in us since childhood Implicit biases affect our thoughts, decisions, and behaviors, and are present in every aspect of our lives IMPLICIT BIAS

12. Explicit bias is conscious bias EXPLICIT BIAS

13. Everyone has natural implicit and explicit “cognitive” bias. It's part of being human and is what shapes our actions and attitudes.

14. VIDEO

15. EXERCISE

16. The COST to YOU • Must be truthful with yourself about your own biases • Must "DIVERSIFY" your personal relationships • Must have the conversations that need to be had within and outside of your groups • Must use your position and privilege to to create equity • Must intentionally participate in non-bias behavior

17. The EFFECT on OTHERS • Diverse populations are also inclusive • Clients seeking help are more willing to be transparent • Helping professionals are truly helpful • The desired outcomes are more likely to be obtained

18. BE THE CHANGE

19. QUESTIONS & FEEDBACK

20. REFERENCES • Perception Institute Website: https://perception.org/research/implicit-bias/ • The New York Times Magazine Online: Has Diversity Lost Its Meaning?