It’s no secret that women – particularly Black women and Latinas – aren’t paid fairly. And the COVID-19 crisis isn’t making that better. New research from LeanIn and SurveyMonkey found that half of Latinas and Black women have struggled to pay for basic necessities like rent and daycare in the last year, and have little in savings to fall back on in case of an emergency.
This report gathers data on the financial insecurity these women are experiencing during Covid-19—and the results are alarming.
Key findings from our research include:
- Half of Latinas and Black women have had trouble paying for basic expenses (such as food, rent, mortgage, or childcare) in the past year.
- Half of Latinas and Black women have $300 or less in savings. In contrast, almost 30% of white men have more than $25,000 in savings.
- More than 1 in 5 Latinas and Black women say that Covid-19 has had a devastating impact on their finances; they are about twice as likely as white women and men to say this.
- 41% of Latinas and 47% of Black women have had to go to work in the past year despite having a valid reason not to, such as being sick or having a child at home.
- Latinas and Black women are overrepresented in low-paying hourly jobs: half of Latinas and Black women with hourly jobs make less than $15/hr.
- 40% of Latinas and 51% of Black women say that if the minimum wage were raised to $15/hr, it would be easier for them to support their families.
Millions of Black women and Latinas have been pushed to the edge of poverty by a system that’s stacked against them. The system urgently needs to change, including closing the gender and racial pay gaps, raising the minimum wage, making childcare more affordable and accessible, and providing national paid family leave.