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People of color face disproportionate pandemic-related financial stress

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This story originally ran on CNBC.

The coronavirus pandemic is causing financial stress and anxiety for many Americans, yet it is people of color who are feeling it the most, according to an analysis of the American Staffing Association’s latest survey on the workforce.

“The pandemic has disproportionately affected lower-income groups, especially those in occupations that do not lend themselves to remote work,” said the group’s CEO, Richard Wahlquist.

Hispanics/Latinos and Blacks are more worried than whites about their employment situation, such as finding a new job, having the necessary skills to land a job, the need to transition to a new career or role, and losing a job.

They are also disproportionately concerned about their financial situation, including paying for housing, student-loan debt and child care.

For instance, 65 percent of Hispanics/Latinos and 58 percent of Blacks are worried about being able to pay their rent or mortgage, the analysis found. Of those who identify as white, 44 percent said they are concerned. Additionally, 53 percent of Blacks and 51 percent of Latinos/Hispanics are concerned about paying for child care, compared to 34 percent of whites.

When it comes to work-related concerns, finding a job topped the list for Hispanic/Latinos, at 58 percent, compared to Blacks at 54 percent and whites at 45 percent. Needing new skills to land a new job was the biggest worry for Blacks, at 56 percent. Sixty-two percent of Hispanics and 44 percent of whites were concerned.

The survey of 2,065 U.S. adults aged 18 and older was conducted online by The Harris Poll June 16-18, 2020. Results were weighted on age, gender, education, race/ethnicity, household income and size, marital status and geographic region when necessary to align with the proportions of the U.S. population. They were also adjusted for differences between online and offline populations.

“While our data doesn’t illuminate the drivers, it’s clear that demographic data from [the U.S. Bureau of Labor Statistics] and Census underscore long standing disparities in income, education and occupational attainment based on race,” Wahlquist.

September’s unemployment numbers bear that out. While the overall unemployment rate was 7.9 percent, whites had a 7 percent rate, Blacks were at 12.1 percent and Hispanics had a 10.3 percent unemployment rate.

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These days, people of color are feeling that the odds are not stacked in their favor, said certified financial planner Lauryn Williams, a four-time Olympian and founder of Dallas-based Worth Winning, which offers virtual financial services.

“The narrative is very much one of inequality and injustice right now,” said Williams, a member of the CNBC Financial Advisor Council.

“Some people of color are experiencing self doubt and have very little confidence to apply for jobs that they are not 100 percent qualified for,” she added. “They do not have resources such as the internet to take advantage of free resources to gain new skills.”

Full coverage of the coronavirus outbreak

Help each other

When it comes to finances, it’s important now more than ever that people work together to pool resources and make sure that needs are met, Williams said.

“Stress shopping and splurges can be curbed by asking yourself, ‘Who in my circle needs my help and how can I make my dollars stretch further?’” she said.

Also, take inventory of what you have and see what you can sell to create cash.

Hiring is happening

Jobs are out there, said Wahlquist.

There are more than 6 million job openings in the U.S., according to the Bureau of Labor Statistics.

“The staffing industry is seeing hiring in new and in-demand jobs as a result of the pandemic,” he said.

That includes roles in IT, customer service, delivery and financial services. Contract tracers and social distance monitors have also emerged as a result of Covid-19.

Wahlquist hopes the ASA’s findings spark more research into the reasons behind greater worry among people of color.

“We hope these findings lead to more support for these groups to help alleviate some of these financial and work worries for the long term — not just during the current pandemic-caused economic recession,” he said.

Disclosure: Invest in You: Ready. Set. Grow. is a financial wellness and education initiative from CNBC and Acorns, the micro-investing app. NBCUniversal and Comcast Ventures are investors in Acorns.

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Marble Launches Maestro – Its Financial Literacy Educational Platform | 2020-10-28 | Press Releases

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(TheNewswire)

Launch of Maestro further expands the Marble platform with this educational component, as November marks the 10 th anniversary of Financial Literacy Month in Canada

Vancouver, B.C. – TheNewswire – October 28, 2020 – Marble Financial Inc. (CSE:MRBL ) (CNSX:MRBL.CN) ( OTC:MRBLF) (“Marble” or the “Company”) a financial technology company that empowers Canadians’ toward a positive financial future, is pleased to announce the launch of Maestro, Marble’s latest financial literacy educational platform, available to all MyMarble customers.

Maestro combines expert-curated educational content and skill testing quizzes to give Canadians the power to have both a foundation in crucial financial knowledge and the empowerment to effectively utilize Marble’s personal finance and credit rebuilding platform, MyMarble and its current products, Score-Up, and Fast-Track. Maestro users will benefit from over 30 different courses across three core financial foundations, credit, budget, and debt management.

Key findings from Statistics Canada’s 2019 Canadian Financial Capability Survey showed that 51% of 18 to 35 year-old Canadians surveyed seek financial literacy from online sources, displaying a preference for easy-to-use and digestible online content. In addition to this, 44% of Canadians surveyed said they engaged in financial education to strengthen their financial knowledge, proving a high demand and additional user acquisition stream with a product such as Maestro.

November marks the 10 th anniversary of Financial Literacy Month in Canada, and today, millions of Canadians are still seeking some form of online financial education. The launch of Maestro adds an additional dimension to Marble’s product line, allowing Marble to become its users’ primary personal finance solution through a more holistic, end-to-end financial experience.

Maestro is now available on the MyMarble Platform and offers the following:

  • – Available to all Marble customers at no cost, monthly fees or subscription

    – Over thirty expert-curated online courses in the credit, budget and debt management sectors

    – Desktop and mobile friendly

    – Video enabled and audio course content for all audiences

“Canadian’s are used to the traditional ways when it comes to improving their financial literacy – friends or family, financial advisors, or banks,” said Karim Nanji, CEO of Marble. “The description of a ‘Maestro’ is someone who conducts and is a master of their respective trade. The ability to master finances is something we believe all Canadians can achieve through financial literacy offered in an effective and easy online-learning environment. With Marble’s Maestro, we are very excited to fill the demand to further empower and educate Canadians. With the power of our online technology and our industry-leading MyMarble, Score-Up, and Fast-Track solutions, our customers have all the tools needed to take control of their personal finances.”

ON BEHALF OF THE BOARD OF DIRECTORS,

Karim Nanji, CEO

About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF) Marble leverages its proven data driven strategies utilizing the power of machine learning, data science, and artificial intelligence, through its industry-leading proprietary technology solutions Fast-Track, Score-Up, and Credit-Meds to engage in and navigate a clear path for Canadians towards financial wellbeing and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized Canadians to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the Marble Platform.

For further information, please visit the company’s website at http://mymarble.ca

Mike Marrandino,

Executive Chairman

T:(855) 661-2390 ext. 104

Email: ir@marblefinancial.ca

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

This release contains “forward-looking information” as such term is used in applicable Canadian securities laws, including statements regarding the Private Placement and the use of proceeds therefrom. The use of any of the words “target”, “plans”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management’s expectations and assumptions, including statements relating to the future plans and objectives of the Company, the Company’s expectations surrounding the market potential of Maestro, Score-Up, Fast Track and the benefits including potential credit score improvement, building and management results. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including but not limited to, that the Company’s financial condition and development plans do not change as a result of unforeseen events, and that the Company will and has received all required regulatory approvals in the jurisdictions across Canada that it will be offering this product. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to: general economic, market or business conditions; changes in the Company’s financial condition and development plans; and other risks and uncertainties as set forth in the Company’s most recent continuous disclosure filings filed under the Company’s profile at www.sedar.com .

Although the Company has attempted to consider important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Copyright (c) 2020 TheNewswire – All rights reserved.



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Despite Financial Strain, Harvard Not Considering Varsity Athletic Team Cuts | News

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Harvard Athletics has spared its personnel and 42 NCAA Division I programs from cuts as it drastically reduces operations in the face of the COVID-19 pandemic, Director of Athletics Erin McDermott said in a Tuesday interview.

McDermott, who began her tenure as Harvard’s first female Athletics Director this summer, said she spent her first four months at the helm finding ways to make the department “austere in our operation.”

Harvard’s fields, courts, and pools now sit largely empty as a result of the coronavirus crisis. The Ivy League canceled the fall sports season and Harvard limited on-campus living to freshmen and a small share of upperclassmen this semester to curtail virus’s spread.

McDermott said the global health crisis has naturally circumscribed the department’s operations.

“Operations are so drastically different without having competition, you know, we’re not traveling teams, we’re not hosting competition,” she said. “With the student athletes that we have on campus, and with our recreational operations that we have ongoing for students and staff on campus, we’re operating really on an as need — and what’s really essential — kind of way.”

“There wasn’t really definitive, necessarily ‘cuts’ that were made,” McDermott added. “We’re just not doing all the same things that we would typically do.”

Still, the department has not broken even.

McDermott said two major sources of revenue the Athletics Department lost include the Harvard-Yale football game — which Harvard was scheduled to host next month — as well as the Boston Calling Music Festival, which takes place at the athletics complex every spring. As a result, McDermott said, a large part of her day-to-day job over the past four months has consisted of schmoozing potential donors virtually and soliciting their contributions.

Though McDermott did not state the extent of the department’s financial losses, the Faculty of Arts and Sciences — which oversees Harvard Athletics — netted more than $30 million in “unforeseen expenses and lost revenue” associated with the coronavirus as of April.

Despite financial pressures, Harvard Athletics has not cut any of its teams or fired its employees, according to McDermott.

While universities across the country — including peer schools such as Dartmouth and Stanford — have recently axed a handful of athletics programs to improve their balance sheets, McDermott said Harvard has not considered eliminating any of its 42 varsity teams — the most of any university in the country.

“There haven’t been conversations about cutting teams,” she said.

McDermott also said the department has been “fortunate” not to have to reduce its payroll, though it has adhered to the University-wide hiring freeze.

—Staff writer Ema R. Schumer can be reached at ema.schumer@thecrimson.com. Follow her on Twitter @emaschumer.



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Millionaires’ financial decisions are different in a few surprising ways, study finds

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The Canadian Press

Canadian cyclist Michael Woods wins Stage 7 of Spanish Vuelta

MADRID — Ottawa cyclist Michael Woods won the seventh stage of the Spanish Vuelta on Tuesday, finishing the hilly 159.7-kilometre route from Vitoria-Gasteiz to Valdegovía in three hours 48 minutes 16 seconds.
Woods, who finished second in Sunday’s sixth stage, improved to 48th overall with the win.
The EF Pro Cycling rider made his move to the front entering the final kilometre and finished four seconds in front of Spanish cyclists Omar Fraile (Astana) and Alejandro Valverde (Movistar) to take his second La Vuelta stage win.
“It was a special day,” Woods said. “I had a bit of luck, I had the legs and managed to get the win. I’m going to savour this one.”
Ecuador’s Richard Carapaz maintained the overall lead by finishing in the peloton, which crossed the line almost a minute later. The Ecuadorian kept an 18-second lead over Hugh Carthy, with Dan Martin and defending champion Primoz Roglic close behind. Roglic finished the stage in 19th place.
“I think we kept the situation under control,” Carapaz said. “We tried to stay calm and we knew things were not too dangerous with the finale. We tried to keep the breakaway under control and I think we finished with a good gap.”
Woods was the seventh different stage winner at the Vuelta this year.
“He played his cards and it worked well,” Fraile said of Woods.
Woods also won a stage in the 2018 edition of the race, when he joined Ryder Hesjedal as the only Canadians to claim a stage in the Vuelta, traditionally the third Grand Tour race on the calendar.
An emotional Woods outlasted the field in a demanding 157-kilometre Stage 17 of the 2018 Vuelta, dedicating the win to his stillborn son, who died earlier in the year when his wife was 37 weeks pregnant. They have since celebrated the birth of daughter Max (Maxine).
Hesjedal won stages in 2009 and 2014. He also won the Giro d’Italia in 2012, the only Canadian to win a Grand Tour event.
Woods has been on a good run of late. He finished third at the Fleche Wallonne one-day classic on Sept. 30.
Woods’ cycling resume also includes a victory in the 2019 Milano-Torino one-day race, a bronze medal in the road race at the 2018 world championships and a second place at the historic Liege-Bastogne-Liege one-day race in Belgium in 2018.
On Wednesday, riders will face a mountain stage of 164 kilometres (102 miles) from Logroño to the Alto de Moncalvillo.
The Vuelta is taking place amid tight health restrictions as Spain endures a surge in coronavirus cases. The race was postponed from earlier in the year because of the pandemic.
—With files from The Associated Press.
 
This report by The Canadian Press was first published Oct. 27, 2020.
 

The Canadian Press

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