People of colour worry more about jobs & financial hardship

People of colour are generally more worried about job security and financial hardship amid Covid-19, according to the latest American Staffing Association (ASA) Workforce Monitor survey.

Job security and financial concerns in the US not only vary by race/ethnicity, but also by industry and whether you’re a city/suburb dweller. The survey, carried out by The Harris Poll, questioned individuals of all backgrounds about a variety of employment-related and financial issues.

The study found that concerns varied hugely by race/ethnicity. For example, 58% of Hispanic/Latin and 50% of Black/African American working-age individuals are more worried about the possibility of losing their job as a result of the pandemic, compared to 40% of their White/Caucasian colleagues. In addition, Hispanic/Latinos (68%) and Black/African Americans (54%) are more concerned about finding a new job than White/Caucasians (45%). 

CONCERNS BY RACE/ETHNICITY

Around 62% Hispanic/Latino and 56% of Black/African American workers said they are worried about needing new skills to land a job, compared to 44% of their White colleagues. Additionally, both Hispanic/Latino (57%) and Black/African American staff (55%) are worried about transitioning into a new career or role, compared to 42% of White/Caucasian employees. 

As a result of these concerns, 65% of Hispanic/Latino and 58% Black/African American individuals are more worried about their ability to pay their rent or mortgage, compared to 44% of White/Caucasian people. Minority groups are also more worried about their ability to pay student loans (58% Hispanic/Latino and 53% Black/African American, compared to 38% White/Caucasian). Additionally, they are more concerned about childcare costs (51% Hispanic/Latino, 53% Black/African American, compared to 34% White/Caucasian individuals).

STRESSED OUT CITY DWELLERS

The survey revealed that people living in urban areas are more likely to be concerned about finances than those residing in suburban/rural areas. City dwellers are also more likely to worry about paying their rent/mortgage, student loans and childcare costs, than individuals living in the suburbs/country. Additionally, they are more concerned about finding a new job and/or needing new skills to transition to a new job. See chart below.

CONCERNS BY INDUSTRY SECTOR

Job and financial worries also vary by industry sector. Those employed in engineering, IT and scientific roles, for example, are more anxious about paying for childcare (67%) and losing their job (62%) than those employed in other industries. See chart below.

“The potential severity of the negative economic impact of Covid-19 has not been the same for everyone in the US during the pandemic,” stated  Richard Wahlquist, ASA President and Chief Executive Officer. “For millions of people, temporary and contract work is a means to address their very real employment and financial concerns. Staffing agencies across the US are hiring now and are ready to help get the nation back to work.”

For more information on the ASA Workforce Monitor survey, click here.