A Global Movement in Support of the Financial Progress for Women of Color.
As the country continues to emerge from the aftermath of the global pandemic, COVID-19, we now find ourselves as a nation having entered into an unprecedented high-inflation environment, labor market tightening, upward pressure on wages, a looming global recession.
After having resurfaced from the financial crisis of 2008-2009, we find ourselves once again facing another historical monetary crisis. Some Americans learned valuable lessons from the 2008-2009 financial crisis, and are now experiencing improved satisfaction with their financial condition and have less financial stress. However, today large segments of society continue to face financial difficulties from the effects of a tumultuous last 3+ years of national financial and health calamities.
Nearly one in five household reports spending more than they earn in income. According to U.S. Government reports, 63% of Americans are living paycheck to paycheck, including nearly half of six-figure earners. The number of people who say they are just getting by is near a historic high. Additionally, approximately half of all households are not able to pay for an unexpected $400 expense without having to borrow money or sell something, and half of them worry about running out of money in retirement.
The financial difficulties of individuals and families can dramatically affect the financial health of local communities, and it is clear the financial well-being of individuals and families is fundamental to national financial stability. Industry leaders, scholars, and policymakers agree that financial literacy is crucial to succeed in modern society. Yet research shows that many people lack even a basic understanding of economic and financial concepts, and the consequences on Americans’ financial state are dire. Retirement eligible persons are being forced to remain in the workforce well beyond their retirement years. High amounts of stress, is damaging relationships, destroying families, and depriving individuals of all hope to achieve their dreams.
It’s a long accepted fact that the lack of financial competency leads to irresponsible spending and dangerous debt levels. This is specifically true for the financial and economic well-being of most minorities, especially women of color today are largely underrepresented in the economy. We have made incredible accomplishments in educational attainment and in the workplace, yet women of color experience persistent economic inequality. Minority women’s earnings and net worth still lag in comparison to their female counterparts. Now is the time for women to be rocket launched into their WEALTHY PLACE physically, spiritually, psychologically, and financially!
Sincerely Yours,
Ms. Sonja R. Frazier
Founder and Owner
S.R. Frazier Financial Education & Coaching Services, LLC
Founder & Creator
Pumps & Pearls Financial Society