PEOPLE OF COLOR FACE DISPROPORTIONATE PANDEMIC-RELATED FINANCIAL STRESS

The coronavirus pandemic is causing financial stress and anxiety for many Americans, yet it is people of color who are feeling it the most, according to an analysis of the American Staffing Association’s latest survey on the workforce.Hispanics/Latinos and Blacks are more worried than whites about their employment situation, such as finding a new job, having the necessary skills to land a job, the need to transition to a new career or role, and losing a job.Needing new skills to land a new job was the biggest worry for Blacks, at 56 percent.“While our data doesn’t illuminate the drivers, it’s clear that demographic data from [the U.S. Bureau of Labor Statistics] and Census underscore long standing disparities in income, education and occupational attainment based on race,” Wahlquist.

More from Invest in You: Melissa Bradley wants to help people of color jump start their businesses These 4 steps can help reduce financial stress caused by Covid-19 What it takes for Black girls to become leaders, according to Michelle Obama These days, people of color are feeling that the odds are not stacked in their favor, said certified financial planner Lauryn Williams, a four-time Olympian and founder of Dallas-based Worth Winning, which offers virtual financial services.

“Some people of color are experiencing self doubt and have very little confidence to apply for jobs that they are not 100 percent qualified for,” she added.

Wahlquist hopes the ASA’s findings spark more research into the reasons behind greater worry among people of color.

“We hope these findings lead to more support for these groups to help alleviate some of these financial and work worries for the long term — not just during the current pandemic-caused economic recession,” he said.

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