Money Talks: Why Currency Conversations are Paramount for Black Women
Author: Dr. Naomi Jefferson, Senior Account Director
Dreams have a cost. Whether it’s earning a college degree, owning a home, traveling the world or providing for your family, financial health is key – especially for Black women. According to 2017 US Census data, women in general earn only 80% of what non-Hispanic white males earn. For Black women it is even lower, at only 61%. Over the past 20 years the number of Black female college graduates and women in the workforce has steadily increased, yet Black women are consistently met with gender and racial roadblocks that other groups do not encounter.
That’s why On Board Experiential partnered with Chase and ESSENCE to launch Currency Conversations – an experiential marketing campaign designed to empower more than 20,000+ intergenerational Black Women to reach their financial goals. Beginning in March, 2019, we traveled to Atlanta, Detroit, New York, Oakland, Washington, DC, and New Orleans, where the tour culminated at the ESSENCE Festival. At each stop, we connected women with financial experts, hosted panels and hands-on workshops, and gave attendees access to free digital tools and workbooks that would yield “Currency Conversations” – and ultimately, greater financial health. In addition, we were intentional about working with a network of Black, female business owners and including women across all generations. Why? Because it’s never too early or late to start your journey toward financial fitness.
So what were our results?
- 11,100+ women (and growing) have already taken our savings pledge to commit to their savings goals
- 93% of women who attended Currency Conversations events were “Satisfied” or “Very Satisfied” with their experience
- Several women referred to the Currency Conversations events as: “much needed,” “informative and engaging,” “empowering,” and “life-changing”
We also gained powerful and useful insights by surveying 5000+ women.
Here’s what we found:
- Black women are eager to learn more about homebuying, saving, and credit
- They desire a safe and trusted space to discuss money without shame or judgement
- They want access to events, networks, and resources that will support their financial health
Black women often serve as the CFO’s of their households, bearing the financial responsibilities of caring for both older and younger generations. Through sparking conversations about saving, building credit, and planning for retirement, we ignited a multi-generational dialogue – the sharing of both failures and insights became communal knowledge that could help some women avoid pitfalls and others recover from them.
Nonetheless, Currency Conversations wasn’t about overcoming disadvantages – it was a celebration and journey that equipped Black women for optimal financial health. We helped build a supportive community and network of Black women who will continue to motivate and encourage each other on the path to achieving their goals. We couldn’t be more proud to play a role in creating positive change throughout the country. To learn more, spread the word, or take the savings pledge, please click here.