- Data shows fewer Black women have full-time salaried jobs, worsening inequalities in health care, retirement, and child care.
- 47% of Black women with student loan debt have a household income of less than $50,000 per year, while 64% of Black women with student loan debt owe more than $25,000.
- Despite economic hardship, Black women are more optimistic about their future than the average American. 89% say they will vote for her in the 2024 election
New York, NY, October 25, 2023 – Goldman Sachs’ 1 million black women We have released our first ever Money Matters. 1 million black women Today’s Economic Mobility Study is a comprehensive national survey of 2,500 American adults that reveals the current economic status of Black women in the United States. This data reveals that 40% of black women in the US have an annual household income of less than $50,000, compared to 24% of US adults earning the same figure.
The findings show that fewer black women hold full-time salaried jobs and seek gig work at higher rates than the rest of the population. Additionally, the study found that black women have fewer opportunities for career advancement and are less likely to have employer-sponsored health insurance, retirement savings plans, or paid sick leave. They also disproportionately face barriers, such as access to quality, affordable child care, when compared to the general U.S. population. Key findings include:
- 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.
- Health insurance: Among those with health insurance, only 43% of Black women receive health insurance through their employer, compared to 53% nationally.
- 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.
- 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.
- Parenting as a disability: 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.
Black women also report living a paycheck-to-paycheck life cycle while battling mounting debts such as student loans and medical bills. The survey found that 71% of black women feel they are living within their paychecks, compared to 63% of the general population. Remarkably, 37% of Black women have medical debt (compared to 29% of US adults). Additionally, Black women carry unsustainable debt relative to their income and are burdened with burdensome student loan payments. 47% of Black women with student loan debt have a household income of less than $50,000 per year, while 64% of Black women with student loan debt have more than $25,000 in debt (the largest percentage of U.S. adults) (compared to 55%).
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. Additionally, 86% of Black women say they will definitely or likely vote in her 2024 presidential election, and they are determined to use their voices to shape the future. doing. Furthermore, addressing these economic disparities will have a major impact. According to a Goldman Sachs study, closing the income gap for black women could increase annual U.S. GDP by up to 2.1% each year and create 1.2 million to 1.7 million U.S. jobs. .
“These results make clear that Black women in the United States are grappling with significant economic challenges and highlight the urgent need for policymakers to address these systemic issues.” said Melanie L. Campbell, president and CEO of the National Black Civic Engagement Coalition. , Black Women Roundtable National Convener and Member 1 million black woman Advisory body. “But we… 1 million black women Successfully advocating in Washington for policy solutions that economically empower Black women and lead to a more just future. ”
“I started my own business and am good at managing my money, but I struggle to afford basic needs like health care, childcare, and saving for emergencies and retirement. says Erica Biggar of OMBW: Black in Business. She is a Cohort 2 graduate and she is the CEO of WhollyGloss. “While I strongly believe in what lies ahead and will continue to invest in my capabilities, the current situation is not sustainable. My intention is to work with policymakers in Washington to and advance efforts to increase economic opportunities for Black women in the United States.”
This study is the first in a series of assessments monitoring the economic trends of black women in the United States. The data collected highlights the critical need for partnerships across the public and private sectors and will be used to develop and advocate policy solutions to close these gaps. For more information on the survey and its results, please visit:
This data is based on a survey of 2,500 U.S. adults, including 600 Black women, conducted by David Binder Research between August 23 and September 10, 2023.
regarding 1 million black woman Initiative
Goldman Sachs will partner with Black women-led organizations, financial institutions, and other partners to address the dual disproportionate gender and racial bias faced by Black women in the next 10 years. It has pledged $10 billion in direct investment funds and $100 million in philanthropic funds annually. For generations, it has only been exacerbated by the pandemic. initiative, 1 million black womenis named after and built on the goal of impacting the lives of at least one million Black women by 2030.
About Goldman Sachs
Goldman Sachs Group is a global company that provides a broad range of financial services across investment banking, securities, investment management, and consumer banking to a large and diverse client base that includes corporations, financial institutions, governments, and individuals. It is a leading financial institution. Founded in 1869, the company is headquartered in New York and has offices in major financial centers around the world.
