Black women are the backbone of the Black community. They are mothers, teachers, and the much needed shoulders to cry on — and a new study explores the toll all these responsibilities have on Black women who are also in the workforce.
Paradigm for Parity, a nonprofit organization committed to gender equality in corporate leadership, surveyed about 4,600 Black women to explore how “personal financial stress is impacting their work, their aspirations and their health.” Their findings were shocking.
What Are the Numbers?
Financial stress is difficult to navigate, especially when you lack the support you need. A study called “The Invisible Weight” was conducted to find Black women’s financial stressors that can hurt professional advancement and productivity at the workplace. Of the choices made available in the survey, 63 percent of all respondents selected cost of living. Forty-eight percent cited living paycheck to paycheck, with credit card debt following closely at 47 percent.
With so many Black women dealing with some type of financial stress, the study has found that they want help with maintaining their mental and physical health. About 63 percent of respondents currently seek support in maximizing health insurance benefits, and just over half of respondents want mental health counseling.
Overall, the study found most Black women in the workforce bear their financial burdens without any proper support from their employers. A whopping 83 percent of the study’s respondents said their employer was unaware of their financial circumstances.
What Are the Big Picture Causes?
Various systemic issues impact women’s pay and their responsibilities, both at home and at the workplace. CNBC reports that pay gaps between women and have continued, despite women earning higher levels of education and more senior leadership positions. Women are also still more likely to have reduced hours, or time away from the workforce, due caretaking responsibilities for children — a term often referred to as “the motherhood penalty.”
And, as always, Black women get it worst of all. Forbes reports that women are paid 16 less than men as a whole, and that Black women are paid 64% of what non-Hispanic white men are paid. With women being paid less while often sharing or piling on more responsibilities at home, it’s clear why so many Black women feel hopeless.
“Black women are often heads of households responsible for everything from debt management (their own and family members’) to caregiving to finances to emotional support,” the “Invisible Weight” study reads. “By better understanding the perspectives and realities of the pressures Black women feel, society and employers can help disrupt the systemic burdens preventing Black women from thriving and advancing in the workplace.”
So, What Does This All Mean?
According to the study, Black women in the workforce experience a variety of side effects stemming from their financial stresses. From anxiety and depression all the way to hospitalization, it’s clear stress is taking a physical and mental toll on our women.
Some women surveyed in “The Invisible Weight” shared that they were so overwhelmed by financial stress that they have taken medical leave, and experience “regular sleep disruption.” Some even admitted that embarrassment about their personal financial situations hinders their confidence in pursuing new or expanded roles at work.
As a solution to these ongoing issues, Paradigm for Parity suggests employers offer financial education programs while emphasizing confidentiality and non-judgmental environments.
To learn more about this topic, visit the Paradigm for Parity website here.