Moneda Moves (76): Apple names its first Hispanic board member. She's a journalist.
Hello, Moneda Moves familia!
A question lingering on my mind as of late: How does the future of the US economy work for our Latino population?
We know Covid has hit Latino and Black people especially hard. Just last month, Black and Latina women were the two groups to lose the most jobs. Per the Bureau of Labor Statistics, 82,000 Black women and 31,000 Hispanic women lost their jobs.
NPR’s The Indicator covered what the Latino population in the US is facing now and what could be next in its economic outlook report. Key findings included:
Unemployment rate shot higher for Hispanics than any other group early on during Covid, in large part due to their essential worker jobs
Latinas tend to be concentrated in the service industry and tend to have fewer benefits
Latinas in prime working age participate in the labor force at lower rates than women of other races and ethnicities, as they tend to be main caretakers for children
Participation rate for Latinas was increasing pre-pandemic, but Covid impact these rates and set back the population once more
Our eyes are now set on the horizon, especially once we can actually begin to have recovery. What is happening to jobs after Latinas left and what will become of the women that had to leave the workforce? We’ll keep tracking here, on Moneda Moves.
Con poder,
Lyanne
Headlines to put on your radar.
Black and Hispanic Americans pay twice as much in bank fees as White Americans 🏦: When surveyed, Black adults report paying on average $12 a month for checking accounts at banks or credit unions and Hispanics are shelling out $14 a month, on average. Meanwhile, White holders tend to pay $5 a month. A few reasons this may happen:
No-fee accounts were more common among White holders. As CNBC reports, “For minority communities, the disparity in bank fees are indicative of the inequality they have faced for years.”
The pandemic also pays a role in the discrepancy, having hit Latino and Black communities the hardest
Accessibility to in-network ATMs matters. Out-of-network ATMs will charge higher fees for withdrawals
When it comes to lowering your bank fees, it does pay off to shop around and find an option that works for you, experts say. (CNBC)
Rising voices in business, fintech, entrepreneurship and beyond.
Moneda Monday — Founder of Wealth Para Todos Rita-Soledad Fernandez Paulino💰: If you follow us on Instagram, you may be familiar with our Moneda Monday weekly series where we introduce you to Latinos who are experts in the world of money whether they are certified financial planners, business journalists, VC experts.
This week, we spoke with money coach Rita-Soledad, who is founder of the educational platform Wealth Para Todos and on a mission to help her following develop strategies to accessing wealth should truly be for everyone. Her platform was not only created to keep herself accountable after paying off $23,000 of student loan debt, but also to discuss money and educate her community along the way.
“I want Latinos to have the financial literacy to navigate building wealth in a system that was never meant for them to thrive within it in the first place,” she said. Head over to our Instagram and “Moneda” highlight for more.
Apple names a Hispanic board member🍏: Monica Lozano is now a part of the Apple board, the first Hispanic person in its history. Better yet? She’s a journalist, leading as CEO at the College Futures Foundation and having 30 years experience in the field. Lozano has tracked 30 years as an editor and publisher of La Opinión, the largest Spanish language newspaper in the US. For added context, Apple launched a $100 million initiative to diversity its corporate force just last summer.
We’re here for it, Apple. We’re all for Latinos, people of diverse backgrounds and journalists both on boards. (Al Dia)
That’s all for this week, mi gente. We are back with a new episode of the Moneda Moves podcast next week. Until then, keep up with us on Instagram here.