The events of 2020 have exacerbated just how unequal our society is when it comes to racial and economic equality, with communities of color still facing numerous obstacles on their path to financial security.
For Black Americans, long-standing racial inequities have made the financial impact of COVID-19 even more extreme. According to the Pew Research Center, in May, 44% of Black Americans reported that they or someone in their household experienced a job or wage loss due to COVID-19, compared to 38% of white Americans.
And it’s not just about unemployment. According to the National Bureau of Economic Research, patterns across gender, race, and immigration status reveal that Black business owners have experienced the largest losses during COVID-19, eliminating 41% of Black-owned businesses.
We recognize that we can’t fix the systemic racism that’s rooted so deeply in our financial institutions, but we sincerely believe that the right technology and partnerships can help us build products and resources that will alleviate some of these struggles.
Steady is a platform that helps people find high demand jobs, increase their income, and plan for more financially stable futures. We have partnered with Steady to help Mint users who have lost their jobs due to COVID-19, find resources, and new work streams. So far, over +20% of customers that click into Mint’s financial resources choose to go to Steady for help finding more sources of income. Together, we’ve helped 1700+ users apply for jobs.
Most recently, we sat down for a frank discussion with Steady Founder, Adam Roseman, Steady Investor, Shaquille O’Neal, and CNBC Make It’s Courtney Connely, on the responsibility financial technology companies play in helping close the racial wealth gap. Our hope is that the discussion is enlightening, but also provides you with important tools and resources to help you achieve your financial goals.