Moneda Moves (107): How Latina Equal Pay Day's stat doesn't get the full picture
Welcome to Moneda Moves, the Latina Equal Pay edition.
Truthfully, Latina Equal Pay Day is a day we’d rather not observe — it’s a disappointing reality to think that Latinas have to work nearly a whole year extra to earn what the white, non-Hispanic man did in 2020. But while we are taking a look, let’s break down the facts: Latinas earn only 57 cents for every one dollar earned by white, non-Hispanic men — though experts say this isn’t the full picture, especially after Latinas lost jobs in a big way just last year during the pandemic.
But first, let’s bust some more myths, mi gente. When we hear about the Latina wage gap, we tend to hear that one of the reasons they face this is because they are centered on lower paying roles.
✍🏽 Yet, research from Lean In Latinas and the Census shows otherwise. Porque? The Latina pay gap starts at age 16, and grows with age, education and continues persist even in the same job. For instance, Latina nurses earn 27% less than white men nurses. And that’s just the start.
It’s time to normalize audits and getting Latinas paid what they are worth.
Con poder,
Lyanne
Headlines to put on your radar.
Takeaways from Moneda Moves’ panel on Twitter Alas: Finding a solution to the Latina pay gap will take an intersectional approach and this week’s conversation with two other leaders in this space: in policy, activism and in fintech, proved this to be true.
Thank you Twitter Alas for bringing us together with your Latinx ERG, Alas, on Twitter Spaces to discuss busy some myths and discuss solutions on #LatinaEqualPay Day. On the panel was:
Moderated by Kayla Barrios, Twitter Alas Co-Chair
Monica Ramirez, Founder, The Migrant Women
Tanya Menendez, Founder, Snowball Wealth
Myself, Lyanne Alfaro, Founder, Moneda Moves
The hope is we no longer have to observe this day in the future and that instead we are celebrating the wins of our Latina workforce, which should be many. Here’s just a few learnings on Latina Equal Pay from an entrepreneurship perspective:
Latina entrepreneurs make nearly half of all Latino businesses, almost 2 million of small businesses in the US
For Latina entrepreneurs, some of the biggest barriers are funding and securing business loans
Black and Latinx founders in 2020 received only 2.6% of total funding last year.
20% of Latino-owned businesses that applied to national banks for loans over $100,000 received funding, compare to 50% of White-owned businesses in 2020.
Four VC firms founded by women of color are banding together: They are forming the The Ally Capital Collab, and you won’t want to miss anything. As a reminder, Latinx people make 2% of venture-investment professionals at institutional firms at the partner level, per the WSJ. So yes, this collaboration between four women of color leading in the space is big news.
The collab will, per Axios, enable VC funds to help “each other in due diligence and give investors confidence, as many minority venture capitalists lack the Silicon Valley network to raise funds.”
The four VC funds are:
22 Fund
WOCstar Fund
Supply Change Capital
2045 Ventures
Rising voices in business, fintech, entrepreneurship and beyond.
Hoy Cobre: How Latinx Creatives Tap Into the Money Well on IG Live:
Latina entrepreneurs make nearly half of Latino businesses in the US. That’s about two million strong. One way to show our support?
Get them funded…and get them PAID.
💰Join Moneda Moves and VELA Network (@vela.red) on our next installment of our IG Live series on making sure creators get paid for their work at big companies. Save the date: Saturday, October 23 at 9:30 AM PT/12:30 PM ET.
Thank you for joining us! Until next week, catch us here on Moneda Moves.