The events of 2020 have exacerbated the inequality of our society in terms of racial and economic equality as color communities still face numerous obstacles on their way to financial security.
For black Americans, longstanding racial inequalities have made the financial impact of COVID-19 even more extreme. According to the Pew Research Center, as of May, 44% of black Americans said they or someone in their household had suffered a job or wage loss due to COVID-19, compared with 38% of white Americans.
And it's not just about unemployment. According to the National Bureau of Economic Research, patterns related to gender, race, and immigration status show that black entrepreneurs suffered the greatest losses during COVID-19, eliminating 41% of black-owned businesses.
We recognize that we cannot fix the systemic racism so deeply ingrained in our financial institutions, but we firmly believe that the right technology and partnerships can help us develop products and resources that do some of them Alleviate problems.
Steady is a platform that helps people find high-demand jobs, increase their income, and plan more financially stable futures. We partnered with Steady to help Mint users who have lost their jobs due to COVID-19 find resources and new workflows. So far, more than + 20% of customers who click on Mint's financial resources are choosing Steady for additional revenue streams. Together we've helped more than 1700 users apply for jobs.
Most recently, we met for an open discussion with Steady founder Adam Roseman, Steady investor, Shaquille O & # 39; Neal and CNBC Make It & # 39; s Courtney Connely about the responsibility of financial technology companies in closing the racist wealth gap . We hope the discussion is insightful, but also provides you with essential tools and resources to help you achieve your financial goals.