The Talking Benefits team couldn’t let Women’s History Month end without sneaking in one more episode for you.
For the past several years, the International Foundation has strategically focused on the topic of financial wellness and how employers can provide financial education to their workers. We’re also interested in exploring the impact of financial education and literacy skills for Black, Indigenous and People of Color.
In this episode, Julie Stich, CEBS, the International Foundation’s Vice President of Content, welcomed Dr. Olivia Mitchell, International Foundation Professor and executive director of the Pension Research Council at The Wharton School of the University of Pennsylvania. Dr. Mitchell is also professor of business economics and public policy and professor of insurance and risk management at Wharton.
Recently, Dr. Mitchell co-authored a research paper published by the Pension Research Council and the TIAA Institute called “Financial Wellbeing among Black and Hispanic Women.”
In their research, the authors analyzed data from the 2018 wave of the National Financial Capability Study, a nationwide survey of approximately 27,000 U.S. adults. They focused specifically on the financial capability and well-being of Black, Hispanic and white women. Their research showed Black and Hispanic women are more likely than white women to face economic challenges that negatively impact financial well-being. Differences were seen in educational attainment, family structure, employment and financial literacy—And these factors contribute to disparities in financial well-being.
Julie and Dr. Mitchell dig into the details of this study and explore what employers and plan sponsors can do to offer more effective financial education for underrepresented women.
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