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- Goldman Sachs’ Black Women’s Initiative has released a new report that asked more than 2,500 adults, including 600 Black women, about money.
- This study details the economic challenges Black women face due to workplace disparities.
- The bank invests in Black women to create opportunity and long-term systemic change.
In an effort to shed light on the significant workforce disparities impacting Black women, the Goldman Sachs Black Women Initiative has released a new report: “Money Matters: A Study of the Economic Mobility of One Million Black Women.”
The report, a comprehensive national survey of 2,500 American adults, is the first of its kind to shed light on the current economic situation of Black women in the United States. Of the 600 Black women surveyed, the data found that 40% of Black women in the U.S. had a household income of less than $50,000 per year, compared to 24% of U.S. adults earning the same figure. There is.
As a result, Black women report living paycheck to paycheck while battling mounting debt. student loan And medical expenses. Research shows that 71% of black women feel like they live paycheck to paycheck, compared to 63% of the general population.
They also disproportionately face barriers, such as access to quality, affordable child care, when compared to the general U.S. population. Key findings include:
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promotion: 42% of Black women who work full-time or part-time feel they lack opportunities for career advancement and advancement, compared to 35% of U.S. adults.
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Health insurance: Among those with health insurance, only 43% of Black women receive health insurance through their employer, compared to 53% nationally.
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Savings for retirement: Only 49% of Black women have a 401(k) or other retirement savings, compared to 62% of the entire U.S. adult population.
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Paid sick leave: Only 50% of Black women receive paid sick leave from their employers, while 56% of the rest of the population enjoys this benefit.
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Parenting obstacles: 19% of Black women seeking employment report that child care is a barrier that impacts their job search, compared to 11% of U.S. adults.
Despite these economic challenges, Black women have a positive outlook for the future. In fact, 63% of Black women report being optimistic about their future.
Mr. Asahi Pompei, Global Head of Corporate Engagement and Chairman of the Board of Goldman Sachs Foundation.
goldman sachs
Investing in Black women can strengthen the economy
black women are fastest growing group of entrepreneurs And according to Goldman Sachs researchreduce the income inequality Black women have the potential to boost annual U.S. GDP by as much as 2.1% each year and create between 1.2 and 1.7 million jobs in the United States.
“Goldman Sachs research shows that one of the quickest ways to accelerate change and begin to effectively address the racial wealth gap is to listen to and invest in Black women. It’s what you do.” Asahi PompeiiGlobal Head of Corporate Engagement and Chairman of the Board of the Goldman Sachs Foundation, told Insider.
This comprehensive investment in Black women includes direct investments that emphasize financial health and digital connectivity across areas that directly impact Black women and their lives.
The organization is led by Black women, advised by the National Black Leadership Council in partnership with Black women-led organizations, and, most importantly, 21% across the core investment pillars of health care. It’s a Black woman-centered goal to positively impact over 5,000 Black women. job creation and workforce development, education, affordable housing, digital connectivity, financial health, and access to capital.
“Goldman Sachs is committed to helping all others understand that investing in Black women can build stronger economies for everyone and drive long-term systemic change,” Pompey said. I want people to know.”
Correction: November 1, 2023 — An earlier version of this article misstated the number of Black women surveyed by Goldman Sachs. It was 600 instead of 2,500.
