In past recession periods, Black people were among the first to lose their jobs. Unfortunately, we also are among the last to get hired. Why?
Our position in the American economy is the biggest threat to our financial peace and one of the greatest reasons we almost always are last to get hired. Many Black workers are concentrated in industries such as retail and construction, businesses that are especially sensitive to recessions. But that’s not all.
Blue collar workers aren’t the only ones affected. Higher unemployment has historically affected Black workers across educational levels. This is because of common systemic hurdles such as low pay, poor benefits, greater job instability, and a lack of job opportunities. So how can we protect ourselves before the unemployment wave?
While we can’t prevent how the market turns or how our employers react to a downturn, we can protect our finances now in some tangible ways. Revisit your budget and adjust your spending, save more money where you can, and learn about your state’s unemployment benefits ahead of time to avoid financial distress when this unemployment wave arrives.