The aftermath of the COVID-19 pandemic opened the eyes of many to the financial inequalities in the United States. While lower-wage workers lost their jobs at disproportionate levels,higher-earning individuals benefited from the S&P 500 gaining 26.9% in 2021. In the United States, the top 10 percent of families in wealth own 84 percent of the United States stock market’s value, and only about half of all families have any form of stock market involvement, including (but not limited to) a pension account or a workplace 401(k). In addition, difficulty in accessing credit disproportionately impacts people who live in rural areas, earn lower incomes, and are from Black and Hispanic backgrounds.
Perhaps the access to financial products is far too complex with regulators, lenders, banks, and individuals interacting in myriad ways. Across every system sector, opportunities exist to streamline operations, improve financial literacy, and increase access to financial products and services.
This was a group project with 3 others. Reach out to me if you’d like to connect with them!