A New Analysis of Mastercard Data Finds Uneven Spending Declines in Communities Across the City
It was just one year ago when we first heard of a new coronavirus in Wuhan, China, that was threatening to turn into a pandemic. Just months later it had spread to nearly every corner of the globe, leaving death and economic hardship in its wake.
As we know now, the hardship was not equally shared. Black and Latino communities were disproportionately affected—both by illness and loss of employment.
Our global economic system has enabled billions to lift themselves from poverty. It fueled material success and sustained improvements in health, literacy, and nutrition. As a result, we have seen rising living standards, significant advances in technology, soaring innovation and strong social progress.
However, the benefits of economic growth were not always fairly or broadly distributed, and the models of our past successes might not be those that could lead us into a new era of sustained and shared prosperity.
How the Mastercard Center for Inclusive Growth is collaborating with Grameen America and other community development finance institutions (CDFIs) to help expand access to capital for underserved entrepreneurs.
Sheila founded Liha, her mobile boutique in a converted delivery truck, in the heart of New York City’s Harlem community. For the past few years, she and her shop have been fixtures in the neighborhood, where the store thrived. “When people see more women of color running and owning (businesses) and living independently, that empowers not only the community but the world,” says Sheila, who is Black.
By Marla Blow, Senior Vice President of Social Impact, North America, Mastercard Center for Inclusive Growth
Inclusive growth ensures that the benefits of a growing economy extend to all segments of society, and research suggests that productivity is determined less by a person's skills and abilities, and more by their access to the vital networks that power the modern economy. But access to these physical, virtual and social networks is not equally available, and Black people have been deliberately excluded from these networks.
Annual Sustainability Report Focuses on Action, Impact on Society, Economy and Planet
Mastercard has released its 2019 Sustainability Report outlining its progress towards building a more inclusive and sustainable digital economy. The report charts impact and progress against four areas: Inclusive Growth; Our People and Culture; Environmental Stewardship; and Ethical and Responsible Standards.
How Financial Services Providers used interactive mobile messaging to help thousands of MSMEs grow
Micro and small merchant training is a critical undertaking in developing nations where these businesses are the biggest drivers of economic growth and job creation.
However, massive gaps in business management skills and financial literacy are limiting their potential. In an ideal world without resource constraints, all merchants would have access to in-person training programs, with dedicated instructors helping them learn and implement best practices.
America needs a better skill-matching system if workers are to find their footing after the pandemic recedes.
Every day, we are inspired by the essential workers on the frontlines of this pandemic—by their commitment to working despite the risks and their resourcefulness and tremendous talents under duress. The workers manning grocery stores, the janitors sanitizing hospital wards, the warehouse workers fulfilling our online orders – they all share one thing in common: they are a part of America’s low-wage workforce. They are the workers keeping things going for the rest of us—and yet, many of them are financially insecure and lack opportunities for advancement.