We’ve spent a lot of time digging into the history of financial inequality in America, then passing that knowledge along to our followers. Some eye-opening insights include:
- 47% of Black households are unbanked or underbanked, compared to 20% of white households.
- The average minimum balance to avoid bank fees is $871 in Black neighborhoods, vs. $626 in mostly white neighborhoods.
- White households reportedly hold 17x more wealth than Black households in the U.S.
We also leaned in to our customer base to learn more. In July 2020, we surveyed nearly 10,000 Stashers about their relationship with the financial services industry. The results: 1 in 5 people said they felt they’d been denied financial products and services due to their gender, race, or income level1. Among Black Americans specifically, that percentage jumped to 35%—compared to 17% of white respondents.
What we’ve learned has further stressed the importance of our mission to eliminate the barriers, both seen and unseen, that many Americans face on their journey to financial stability.
As the U.S. faces another racial reckoning, many people have expressed a desire to spend and invest in a way that aligns with their beliefs. To help address that need, we’ll soon be launching new curated groups of thematically related investments that highlight Black-led businesses, as well as companies that promote diversity and inclusion. This will make it even easier for Stashers to put their money behind causes they support.
Taking action and giving back
In June 2020, Stash (and Stashers) contributed to FIA’s first fundraising initiative, which raised a total of $1.75 million in partnership with APEX. The first $1 million went to Greenwood Project, a Chicago-based nonprofit organization that works to introduce minority students to careers in financial services. We’ll also be expanding our partnership with Greenwood Project by supporting a number of internships and programs.
We’ve also launched a volunteer work program with CompSci High, a charter school in the Bronx that helps Black and Brown students learn tech, build financial literacy, and develop the skills necessary to land jobs.
This is just the beginning. We’ll continue to invest in initiatives that combat racial inequality, as well as find ways to empower Stashers to join the journey.
Changes at Stash
Meaningful change starts from within.
We recently launched a Diversity & Inclusion program to support diverse recruiting and retention, and to ensure our culture promotes antiracism and inclusivity. Several other Employee Resource Groups are forming to support the needs of our employees, share learnings, and amplify BIPOC and LGBTQ+ voices internally.
We’re also building new relationships with recruiting resources—such as the National Society of Black Engineers and Black Product Managers—to increase the number of Black and LatinX applicants in our recruiting pipeline.
We’re focused on creating more learning and personal development opportunities for our employees. The CEO of The Bail Project™ recently spoke to our employees, with more speakers to come. We’ll soon be starting unconscious bias training for our leadership and all of our hiring managers. We’ve also launched an internal Diversity Book Club to encourage conversation and promote growth.
Lastly, we’re committed to holding ourselves publicly accountable to our goals. We’ll continue to update you on our progress, as well as listen to your feedback on how we’re doing.
We’re in this for the long haul, and we’re excited to see the positive change that the future will bring.
1. This survey was conducted online within the United States by Stash using SurveyMonkey technology in July 2020. The survey was completed by 9,822 people. Of the 9,822 individuals: 59.04% (2,799) identified themselves as males, 39.78% (1,886) identified themselves as females, 0.49% (23) identified themselves as nonconfirming/non-binary, and 0.70% (33) did not disclose. 1,334 (13.67%) identified individuals identified as Hispanic, Latino or Spanish Origin, 5,844 (59.50%) identified as White, 2,193 (22.33%) identified as Black or African American, 542 (5.52%) identified as Asian, 221 (2.25%) identified as American Indian or Alaska Native, 49 (.50%) identified as Middle Eastern or Northern African, 115 (1.17%) identified as Native Hawaiian or Other Pacific Islander, 451 (4.59%) identified as as Other.