DEI and YPs: Understanding the Difference Between Equity and Equality

Credit union adoption of diversity, equity, and inclusion has come a long way in the last year and there is still a lot to unpack. Credit union young professionals can lead the way in bringing DEI initiatives to the forefront at their credit union so it’s important to have a deep understanding of DEI’s fundamental concepts.

In this series, DEI and YPs, we’ll explore the concept of equity. To understand equity, it is important to distinguish it from equality. Equality implies that each individual or unit receives equal resources and opportunities. Resources are divided in matching amounts, regardless of individual need or preference.

Equity refers to equality in outcomes, not just resources and opportunities. It focuses on eliminating differences between groups, when those differences can be addressed. Equity focuses on fair and just practices and policies that ensure everyone can thrive. What separates equity from equality is that equity acknowledges and addresses structural inequalities that can give others an advantage or disadvantage. Equality implies that everyone is on a level playing field with equal skills, resources, and experiences. Equity examines that playing field, each player’s unique abilities, and reallocates resources to ensure that everyone has equal access to opportunities and success.