How women and ethnic minorities have been disproportionately affected

Who are they?

Women and ethnic minorities.

Why?

Economic fallout continues to affect lower income Americans the most and women and ethnic minorities make up a good portion of the working poor. Although the pandemic accelerated the impact to all of us, those who were already marginalized have been hit the hardest. Systemic racism, increasing numbers of single mothers, lack of education and cyclical poverty has tipped the scales backwards for many.¹, ³

Women

Women have often been primary caretakers for children and other family members. With the collapse of the child care sector and school closings during Covid-19, many women had to leave the workforce to tend to family, undermining the economic security for their families – while slowing progression of gender equality. ¹

Women who are also an ethnic minority

For single ‘un-partnered’ women at the time of the pandemic, they were impacted most. These women/women of color had no safety net to fall back on, further illuminating the pay and wealth gap. Black and Hispanic women with less education were twice as likely to have lost their job during this recession. ² African-American women have been putting their lives on the line for less pay and are unduly laid off during the pandemic. Of those with job loss, fewer still receive unemployment benefits – not surprising as in most economic recessions this is often the case.³

Minorities in general

This pandemic has caused the steepest job losses in low wage occupations and the gaps are most noticeable by education, age and women of color.₄ African-Americans and Hispanic-Americans have also been at a disadvantage health wise as a disproportionate number of people have died from the virus due to underlying health conditions, poverty and front line work.6 Those without health insurance or jobs, the financial impact has been overwhelming. This could likely lead to higher numbers of people experiencing food and housing insecurity in higher proportion to the rest of the population as well.

There is a wealth gap in America⁵

Wealth accumulation generally follows a predictable life cycle arc, wherein families generally accumulate wealth during their working years, in preparation for retirement. White families often have more access than Black or Latino families to workplace retirement plans, which also plays a role in the following disproportionate mean family wealth. 5

^{Figure 1.}

• African-American         $142,500⁵

• Caucasian                     $983,400⁵

• Hispanic                        $165,500⁵

Wealth is defined as the difference between families’ gross assets and their liabilities. Figure 1.

There is some good news…

Although the pandemic has revealed the cracks in an inequitable system it has also opened up more resources and possibility. More women and people of color are becoming entrepreneurs, more wealthy people are giving back and corporations such as AMEX and Voya Financial each have programs to lift people up and support businesses. Even the U.S. Government is extending some benefits and protections. Here are a few resources for anyone wanting to change their circumstance:

•  Voya’s Just Right Advantage™ program: is focused on helping minority-women-veteran-disability-LGBTQ-owned businesses and nonprofit organizations by supporting business growth and resiliency, and providing support to help their employees save and better prepare for retirement.⁷
• American Express partnered with major Black chambers to create the Coalition to Black Businesses, a $10M grant program that will provide relief to Black businesses that are being disproportionally impacted during this economic downturn. For help visit:⁸
• Small business grants for Covid-19 relief: where to find free money in 2020¹⁰
• Congress is hoping to pass a federal $15 minimum wage increase which would give approximately 19-million women a raise.⁹
• Congress has passed the Biden Administration’s Covid stimulus package to include extended unemployment benefits and stimulus checks.¹¹
• If you or someone you know is facing eviction, read this: https://blog.voya.com/voya-insights/everyday-wellness-new-year-new-extended-relief-americans¹²

Good News Network

Inspiring stories of amazing generosity and giving during this pandemic  

• 60 Years Ago He Couldn’t Afford College–Now He’s Donating $20M to Fulfill the Dreams of Students Today “Calvin Tyler established the Calvin and Tina Tyler Endowed Scholarship Fund at the historically Black university he once attended”. Read about his generosity here: https://www.goodnewsnetwork.org/calvin-tyler-20-million-morgan-state-university/ ¹³
• Mackenzie Scott, ex-wife of Amazon founder Jeff Bezos to date has given away almost $6B this year alone and here is what she said: “This pandemic has been a wrecking ball in the lives of Americans already struggling. Economic losses and health outcomes alike have been worse for women, for people of color, and for people living in poverty. Meanwhile, it has substantially increased the wealth of billionaires.” Read more about her selfless giving here: https://www.goodnewsnetwork.org/mackenzie-scott-gives-4-billion-to-charity/ ¹⁴

Come as you are, leave feeling better
#everydaywellness