Structural barriers and the COVID-19 pandemic have exacerbated existing racial inequalities, says a report from Financial Finesse, an independent provider of workplace financial wellness coaching programs.
Structural barriers and the COVID-19 pandemic have exacerbated existing racial inequalities, says a report from Financial Finesse, an independent provider of workplace financial wellness coaching programs.
Its ’Workplace Financial Wellness in America’ study found significant racial wealth and financial wellness gaps in the United States.
In 2022, Black and Hispanic populations were 38% and 28% less likely, respectively, to have a positive cash flow compared to their White counterparts.
To combat these disparities, Financial Finesse has collaborated with Employee Resource Groups (ERG) to develop a customized curriculum aimed at closing the racial wealth gap.
Customized financial wellness programs targeting employees of colour have proven particularly effective. A study by ERG showed a 25% decrease in participants reporting high levels of financial stress and a 23% increase in financial resilience. Retirement confidence also doubled.
