Coronavirus pandemic has huge economic repercussions for families of color
NPR, Robert Wood Johnson Foundation and Harvard T.H. Chan School of Public Health conducted a poll on the effects of coronavirus
The coronavirus pandemic has had a detrimental economic impact on families of color in the United States.
86% of Latino households and 66% of Black households with children are experiencing financial hardships. Problems include the depletion of savings, trouble paying off debt, and affording proper medical care, according to an NPR, Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health poll conducted in September.
Read More: Black religious leaders launch anti-coronavirus initiative
A separate poll released in the same month also noted the impact of coronavirus on Native American households with 55% facing financial issues as well. One in four Native American households reported issues buying food during the outbreak.
In October, CNBC highlighted the core financial obligation worries of Black and Latino households as conducted in a survey from the American Staffing Association. 65% of Latino households worried about paying for their rent or mortgage, 58% for student loan debt and 51% for child care due to the coronavirus. 58% of African American households were worried about their rent or mortgage, 53% for student loan debt, and 53% for child care.
“The pandemic has disproportionately affected lower-income groups, especially those in occupations that do not lend themselves to remote work,” said Richard Wahlquist, CEO of American Staffing Association.
In October, the Bureau of Labor Statistics listed Black workers’ unemployment rate at 10.6%, while Latinos were at 8.8%.
Tiffany Aliche, financial educator and creator of The Budgetnista, told NBC News that the pandemic has set back the progress made in order to close the racial wealth gap in the country.
Read More: US surpasses 250,000 coronavirus deaths as pandemic surges
Aliche advises adopting strategies to help navigate the economic crisis but cutting excess spending and saving as much income as possible and maintaining an emergency savings account.
“We are going to keep the economy on life support for another three years. That is very telling,” Aliche said.
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