Black women utilized every available platform on August 13, 2020 to honor #BlackWomensEqualPayDay, which included shedding a light on the income/wage disparities experienced by Black women in the workforce. Over the span of 40 years, Black women have become the most educationally accomplished demographic by obtaining advanced degrees; however, they continue to make less than their non-Black and white male counterparts. Additional fast facts included but were not limited to:
As my timeline became flooded with conversations surrounding pay inequity, I was fulfilled and yet sad. It is no secret that the current public health crisis, economic downturn, and racial reckoning has thrown 2020 into a tailspin. As a Black woman with intersecting identities, navigating the complexity that is 2020 has often left me emotionally and mentally drained. Moreover, as I grapple to process rising unemployment, the rising rate in which families (particularly Black and brown families in New York City) will be evicted from their apartments once the freeze lifts, and the gaps widening in education and healthcare, I am cognizant to explore these through the lens of class, gender, and race. As a result, these seemingly “separate” issues affect me mutually. Exploring how the pandemic has affected women as a collective, there are many unique challenges that have emerged. From stock market volatility, to job loss, women have had to deal with a myriad of negativity. To dissect these challenges further, Experian took to Twitter and hosted a #CreditChat on Women & Money: Guide to Financial Empowerment on August 26th. I had the pleasure of participating in the chat and am thrilled to share my responses. Enjoy! Q1: What unique challenges do women face when it comes to their finances? WW: When focusing on the gender wage gap, it is widely known that women earn disproportionately less than their male counterparts. Additionally, when many women partake in motherhood, they are stuck between a personal and professional rock and a hard place. #CreditChat Q2: How can women be more proactive during times of uncertainty and volatility? WW: For women who are keen planners, continual financial planning that is as unique as their financial circumstance is highly encouraged. For women who are unsure of where to start, visiting places such as @NerdWallet is optimal for information is abundant. #CreditChat Q3: Why are most women so hesitant to talk about money? WW: Conversations about money have long been considered taboo. Likewise, because women should always act with "decency", money is an "improper topic". However, as income disparity widens, it is crucial that women talk about money and engage in salary negotiations. #CreditChat Q4: How can women improve their money mindset? WW: I will always promote filling in knowledge gaps. Therefore, women can boost their fiscal knowledge by borrowing books on money management, listening to financial wellness podcasts, or subscribing to top financial powerhouses’ newsletters for insider know-how. #CreditChat Q5: What are some tips that can help women advance in their careers and advocate for their work? WW: Cultivating a strong professional network, consistently updating one’s cover letter and résumé, taking on new projects within your capacity, and scheduling coffee chats with colleagues in other departments to amplify current work is a start. #CreditChat Q6: What are some strategies for women to achieve financial independence? WW: Given the current public health crisis and the recession, achieving financial independence may be an afterthought. Nevertheless, it is important that women exhaust all options such as identifying and eliminating risk and continuing to pay off debt. #CreditChat Q7: What are some financial measures all married women should know about their money? WW: Secure credit in your own name and continue short, mid, and long-term planning individually. Additionally, stay up to date on all financial activities made within the family – this is the time to flex those receipt-keeping skills! #CreditChat Q8: What can girls and women do to become more financially confident? WW: Girls should know that it is never too early to learn about proper money management. Therefore, these girls should know organizations such as @CouncilEconEd, @investgirls, and @JA_USA and begin exploring their websites and completing their interactive activities. #CreditChat Q9: What are some smart retirement strategies for women? WW: Women should not only take advantage of employee matching but should invest in a Roth IRA. Likewise, because women tend to be risk averse when investing, asking the right fiscal questions (no matter the number of questions) can start to ease fears. #CreditChat Q10: Any last-minute tips or thoughts on financial empowerment for women? WW: Although women face multiple economic barriers to success, this should not deter us from expanding our fiscal knowledge and applying the theories learned to practice. Also, having a community of women financial advisors to learn from is a key to long-term success. #CreditChat To close, I implore you to continue amplifying the voices of the women, especially women of color, in all aspects of your interactions. Therefore, do your part for #NativeWomensEqualPayDay on October 1, 2020 and again for #LatinaEqualPayDay on October 29, 2020.
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WhitneyEducation enthusiast whose mission it is to see Financial Literacy receive well-deserved shine. Archives
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