Why do we champion the Financial Freedom of Black Queer Womxn?
"I'm so glad that I was already financially independent when I came out to my parents. It worked out, but it was touch and go for a moment in between" - Bayo Adelaja, CEO, Do it Now Now. This declaration of self is not the only occurrence in a Black queer womxn's life that warrants an objective look at one's finances to determine options and opportunities.
Despite being 3% more likely to report abuse to the police, Black womxn are 14% less likely to be effectively supported out of the abusive situation, according to Refuge. Statistics like these make it increasingly crucial for Black queer womxn to achieve financial independence so that it is possible to make a way out of a bad situation when necessary. The problem is so well acknowledged within our community that it is a commonplace for Black womxn to "kiki" about "FU money" and the different revenue streams that can help to "secure the bag". We often find ourselves swapping stories and tips readily in hopes of contributing to the Financial Freedom of a close friend or family member. Note the word "freedom" there. While finance isn't the only factor, according to the World Bank and Dana Harrington Conner's 2014 paper in the William and Mary Journal of Race, Gender and Social Justice, access to finance, coupled with the other keys in place, will lead to longer-term success and more robust sustainability in the future.
We know that access to money and opportunities are inextricably linked. We also know that Financial Freedom breeds autonomy over self and circumstances. Particularly in these times where Black womxn are most affected by the Cost of Living crisis, supporting Black womxn to gain Financial Freedom is incredibly important. It profoundly aligns with the mission of our organisation.
When we surveyed our My Moon Landing community members, Black womxn and Black Queer people seeking to improve their financial literacy, this is what we discovered:
Respondents' top 3 financial goals for the next five years are homeownership (66%), sticking to a budget (49%), and building an emergency fund (49%).
Basic living expenses (34%), Debt (23%) and Financial commitments toward family (23%) are the biggest challenges preventing respondents from achieving their financial goals.
26% of respondents never talk about money and finances with their peers. That said, 6% do so daily, 17% weekly, 29% monthly and 23% quarterly.
34% and 43% of respondents know how much money their friends and family make, respectively.
In our society, there is a need for urgency when considering the mental health of Black womxn. Black women are the most likely group to experience common mental health disorders, and Black people are currently five times more likely than White people to be detained under the Mental Health Act. As this 2021 longitudinal study shows, Financial Freedom reduces mental and physical health issues.
Concerning their mental health, our community members had this to say:
22% of respondents indicated that they spent 'no' to 4 hours a month on self-care; 29% spent between 11 to 30 hours.
'I've been feeling optimistic about the future - 46% of respondents said this statement was true some of the time.
'I've been feeling useful' - 46% said this is true some of the time
'I've been feeling relaxed' - 34% said this is rarely true
'I've had energy to spare - 34% said this is rarely true
'I've been dealing with problems well' - 51% said this is true some of the time
'I've been thinking clearly' - 57% said this is true some of the time
'I've been feeling good about myself - 51% said this is true some of the time
46% of respondents have experienced generalised anxiety disorder; 27% have experienced depression. 80% indicated that these and other issues were not diagnosed by their health practitioners.
26% of respondents strongly agree that 'My finances have a significant impact on my quality of life and satisfaction with myself.'
66% of respondents strongly agree that 'My career has a significant impact on my quality of life and satisfaction with myself.*
11% of respondents have monthly called in sick or cancelled work due to their mental health status again over the past 12 months [3% do so weekly].
20% of respondents have monthly called in sick or cancelled time with friends due to their mental health status over the past 12 months [3% each do so daily or every couple of days] .
Respondents are most likely to reach out to their friends (43%) for support and comfort when having bad mental health days.
There is a future in which all Black womxn can fully engage in our society's systems effectively, benefit from it fully and navigate it deftly. That is the future we are working towards, which is why we champion the Financial Freedom of Black queer womxn.
