Every day, Payactiv works to level the playing field for all Americans struggling to make it between paychecks. The struggle is even harder for African-American and all people of color.
This is Black History Month. The United States has a lot of work to do to create a financial experience where every American has the opportunity to equally succeed.
Here is a look at economic challenges facing Black Americans and advice from Black leaders in the online financial community.
The racial wealth gap is huge:
And then there is Covid:
We support Americans on their journey to financial livelihood.
We see challenges – and U.S. financial inequality is one hell of a challenge – and we build solutions. It started with us inventing Earned Wage Access (EWA) nearly a decade ago.
We now have our Lively app, the first all-in-one digital wallet designed to support hard-working adults earning less than $50,000/year. We now have a Direct model, supporting anyone who wishes to join Payactiv.
Many of our users fight every week to make it to payday without an overdraft or a visit to a payday lender. They’re choosing between buying groceries and paying for daycare.
To solve, we have to listen. We talk to Payactiv users every day. This month we also spoke with several Black leaders in the online personal finance community for insights into financial struggles unique to Black households. In the week’s ahead, we will bring you exciting conversations with Michelle, Wilson and Sandy.
Meantime, here are some initial thoughts about financial struggles in the Black community and ideas for solving:
Michelle Jackson. Michelle is a financial podcaster focusing on helping millennials get out of debt (visit Michelle is Money Hungry).
Wilson Muscadin. Wilson is a financial coach and Accredited Financial Counselor® (visit The Money Speakeasy).
Sandy Smith. Sandy is a blogger focused on personal finance, frugal living and debt reduction. (visit Yes, I Am Cheap).
At Payactiv, we’ve found our app and services reach Black Americans and other minorities at a higher rate than white Americans. That’s an unequal number we’re proud of, and we plan for that trend to continue as we work hard every day to help our community live the life they’ve earned.
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