Women were far less confident in hitting their investment goals than men amid the coronavirus pandemic, according to a new Yahoo Finance-Harris poll. The U.S. Supreme Court ruled on Monday that the separation-of-powers principle embedded in the Constitution prohibits Congress from giving the director of the CFPB protection from being removed for cause. | US PIRG Netflix said it would start putting 2% of its cash holdings, or up to $100 million initially, into financial institutions that help support Black Americans
Women have had a tougher time financially during the pandemic than men have, and have exhibited a worse outlook about the market and their financial goals, according to a poll from Harris and Yahoo Finance.
On many levels, the pandemic has hit certain demographics harder than others, disproportionately affecting Black communities and other communities of color. And while it has contributed to record unemployment levels, the stock market largely has been riding high after its March dip, buoyed by tech companies.
Women appear to be another key aspect of an uneven demographic impact, according to the nationally representative weighted survey of 200 Americans with some financial assets or investments.
Women surveyed were far less confident in hitting their investment goals, with just 4% “very confident” compared to 32% of men. The survey found 47% of women are at least “fairly confident,” compared to 60% of men. Women had less aggressive investing styles, with 67% having individual equity investments, compared to 92% of men. (Many studies have similarly found women to be more risk-averse when it comes to investing than men.)
Women surveyed were far less confident in hitting their investment goals, with just 4% “very confident” compared to 32% of men, a survey by Yahoo Finance-Harris Poll found. (Getty Images)
[Hardly any at-home workers have returned to their normal workplace: Yahoo Finance-Harris poll]
One potential way to explain this is the breakdown of job losses amid the coronavirus crisis.
In April, for instance, women accounted for 55% of the 20.5 million jobs lost.
“We may all be in this together, but the recession isn’t hitting all of us equally. A greater percentage of women are losing their jobs through layoffs or furloughs than men,” said Will Johnson, the Harris Poll’s CEO. “One key reason is that women disproportionately work in sectors that were shut down by the pandemic, such as retail, hospitality and education.”
There was also a noted breakdown in bullish sentiment. Twice the percentage of men feel bullish than women (41% to 21%), saying it’s a good time to increase investment in the stock market. This may have rubbed off in other areas. Men say they are much more likely to make a large purchase in the next three months due to current interest rates, Harris noted.
Ethan Wolff-Mann is a writer at Yahoo Finance focusing on consumer issues, personal finance, retail, airlines, and more. Follow him on Twitter @ewolffmann.
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U.S. Supreme Court Rules Consumer Financial Protection Bureau Structure Unconstitutional
WASHINGTON – The U.S. Supreme Court ruled on Monday that the separation-of-powers principle embedded in the Constitution prohibits Congress from giving the director of the CFPB protection from being removed for cause. This part of the decision in Seila Law LLC v. Consumer Financial Protection Bureau was 5-4.
U.S. PIRG Education Fund filed an amicus brief in January arguing that long-established principles and Supreme Court precedent supported the constitutionality of the CFPB’s leadership structure, although Kathy Kraninger, who President Donald Trump appointed to head the CFPB in 2018, decided not to defend its structural constitutionality. The amicus brief also highlighted why Congress purposefully created an independent bureau focused on consumer financial protection: to avoid a repeat of the 2008 financial crisis.
In response, U.S. PIRG Education Fund’s Senior Director of Federal Consumer Program Ed Mierzwinski and Litigation Director Mike Landis released the following statements:
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“The CFPB was created after the Great Recession to protect Americans from unscrupulous businesses that have too much power to wreak havoc on the public,” said Mierzwinski, who helped create the Bureau. “Now, the Supreme Court has agreed with the CFPB’s director, who actively worked with the Trump administration and a debt collection law firm, of all things, to undermine the Bureau’s independence from politically-connected special interests.”
“The legal question in this case was whether the CFPB’s structure prohibits the president from carrying out his constitutional duties. Today, the Supreme Court ignored decades of precedent telling us that the answer is ‘no,’” said Landis. “Today’s decision gives more power to the president and creates the opportunity for undue political influence to outweigh reasoned decision-making by federal agencies.”
Author: US PIRG
Netflix Commits $100 Million to Support Black Financial Institutions
Netflix on Tuesday said it would start putting 2% of its cash holdings — or up to $100 million initially — into financial institutions and programs that help support Black Americans.
The streaming heavyweight said it will start with a $35 million commitment to two organizations, including $25 million going to the Black Economic Development Initiative, a new fund that will specifically invest in “low and moderate-income communities,” per Netflix. Another $10 million will be go to Hope Credit Union, with the goal of investing in underserved communities in the South; a few thousand Black homebuyers and entrepreneurs should be helped over the next two years by the investment in Hope, according to the company.
“We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college, and more small businesses get started or grow,” Netflix said in a blog post announcing the move.
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Netflix added that its investment in Black communities aims to reduce the wealth gap between Black and white Americans.
“According to the FDIC, banks that are Black-owned or led represent a mere one percent of America’s commercial banking assets. This is one factor contributing to 19% of Black families having either negative wealth or no assets at all — more than double the rate of white households — according to the U.S. Federal Reserve,” Netflix said. “Black banks have been fighting to better their communities for decades but they’re disadvantaged by their lack of access to capital.The major banks, where big multinational companies including ours keep most of their money, are also focusing more on improving equity, but not at the grassroots level these Black-led institutions can and do. So we wanted to redirect some of our cash specifically toward these communities, and hope to inspire other large companies to do the same with their cash deposits.”
Tuesday’s decision comes a few weeks after Netflix CEO Reed Hastings and his wife Patty Quillin donated $120 million to several historically Black colleges.
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