Do PoC participate less in the stock market

I have noticed a trend speaking to people in my life. When it comes to financial literacy in the context of the stock market, non PoC I have spoken to seem like they not only are more familiar with stocks, but much more trusting and willing to participate in the market. My question is twofold:

1. Do PoC actually participate in the market less, or is this just an anecdotal observation on my part?

2. If they do participate less,why?