 By: Bennie Randall / Vonoi Magazine In recent years, financial struggles have become a widespread reality for many people across the globe. While economic uncertainty isn't a new phenomenon, the scale and impact of financial hardship today is more pronounced than ever. From stagnant wages to rising living costs, there are numerous reasons why so many people find themselves struggling financially. Understanding these factors is key to finding long-term solutions to this growing issue. Stagnant Wages in a Rising Cost Environment One of the primary reasons for financial struggles is that wages haven’t kept up with the cost of living. While inflation drives up prices on essentials like housing, healthcare, and education, wage growth has remained relatively flat. As a result, many households are unable to cover basic expenses, let alone save for the future or invest in assets. A 2020 study by the Economic Policy Institute revealed that wages for the average American worker have only increased by about 14% since 1979, while productivity has grown by over 70%. This disparity has led to a widening gap between workers and the cost of their everyday needs. Debt has become a significant burden for millions of people. Student loans, credit cards, and high-interest loans often trap individuals in a cycle of repayment with little room to get ahead. According to a 2023 report from the Federal Reserve, U.S. consumer debt reached $17.1 trillion, with credit card debt hitting record highs. When combined with the fact that over half of Americans live paycheck to paycheck, the result is a precarious financial situation where even small emergencies can cause significant hardship. In addition, savings rates are worryingly low. Many people don’t have an emergency fund or enough savings to handle unexpected expenses. The rise in gig and contract work, while offering flexibility, often lacks the financial stability or benefits that traditional employment provides, further eroding people’s ability to save. Housing costs have soared in the past decade, especially in urban centers. Rent and mortgage payments consume a large portion of income, leaving little room for other expenses. In many regions, the cost of owning a home has become unattainable, and renting is hardly a better alternative. According to the National Low Income Housing Coalition, there isn't a single state in the U.S. where a full-time minimum wage worker can afford to rent a two-bedroom apartment at fair market rent. This housing affordability crisis disproportionately impacts lower- and middle-income families, pushing them further into financial instability and forcing many to make tough decisions between housing and other essentials like food and healthcare. Healthcare is another area where financial struggles are compounded. The cost of medical care in many countries, particularly in the United States, continues to rise at an unsustainable pace. Even with insurance, high deductibles, premiums, and out-of-pocket costs often leave individuals and families with overwhelming medical bills. The fear of unexpected medical expenses can force people to cut back on other necessary expenses or drive them deeper into debt. The COVID-19 pandemic exacerbated this issue, highlighting the fragility of healthcare systems and the devastating financial impact medical emergencies can have on individuals, even those who believed they were prepared.  Lack of Financial Literacy
Another contributing factor to widespread financial struggles is the lack of financial education. Many people are not taught the fundamentals of budgeting, saving, investing, or debt management. Without these skills, it’s easy to fall into financial traps, such as overspending or accumulating high-interest debt. In a 2022 survey conducted by the National Financial Educators Council, respondents indicated that a lack of financial literacy cost them an average of $1,819 per year. Improving financial literacy through education, both in schools and workplaces, could be a critical step toward reducing personal financial struggles. Income inequality continues to widen, with the wealthiest individuals and families accumulating a greater share of total wealth, while the middle and lower classes struggle to keep pace. The rich get richer, while those at the bottom see limited upward mobility. This growing wealth gap contributes to a sense of economic insecurity and leaves many people feeling financially stuck, regardless of how hard they work. The pandemic further illuminated these disparities, as wealthier individuals largely saw their fortunes grow through investments, while low-wage workers often lost jobs, lacked savings, and struggled to make ends meet. The nature of work is changing, and so too are financial challenges. With automation, globalization, and the rise of the gig economy, many traditional jobs are disappearing, while newer roles often offer less security and fewer benefits. The shift toward freelance or contract work has left many people without stable incomes or employer-sponsored health benefits and retirement plans, making financial planning more difficult. Addressing financial struggles requires a multifaceted approach. Governments, employers, and individuals must work together to tackle the systemic issues causing widespread financial instability. Increasing wages, expanding access to affordable housing, and providing comprehensive financial education are essential steps. Additionally, ensuring access to affordable healthcare and developing policies that reduce income inequality can help create a more financially secure society. The challenges are significant, but with the right interventions and a commitment to long-term change, it is possible to create an environment where fewer people are struggling financially, and more are able to thrive.
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Latinas in Leadership: A Hispanic Heritage Month Celebration with Morgan Stanley - Vonoi Magazine10/7/2024  By Bennie Randall for Vonoi Magazine / Photos Vonoi Media In honor of Hispanic Heritage Month, Fordham University’s BlK and LTNX MBA club was proud to host an empowering panel discussion titled “Latinas in Leadership,” featuring accomplished Latina leaders from Morgan Stanley. This event spotlighted the stories, successes, and strategies of trailblazing women in the financial industry, with a special emphasis on diversity, inclusion, and career advancement. As Latinas continue to break barriers across industries, this event provided a crucial platform to celebrate their achievements, inspire future leaders, and foster meaningful discussions on the importance of representation in leadership roles. The panel also highlighted the unique opportunities available for graduate students interested in joining Morgan Stanley, one of the world’s leading financial services firms.  Representation in leadership is a critical topic in today’s workforce, particularly for underrepresented communities. Latinas are making their mark in traditionally male-dominated fields such as finance, technology, and business, but challenges remain. This event addressed those challenges head-on by providing insights and practical strategies for success. Attendees had the opportunity to hear firsthand from dynamic Latina leaders about their journeys, the hurdles they’ve overcome, and how they’re working to increase diversity at every level of their organizations. Morgan Stanley, a firm that prides itself on fostering an inclusive environment, has made significant strides in promoting diversity in leadership. This panel aligns with the firm’s commitment to developing diverse talent and creating pathways for future leaders from all backgrounds.  This year’s event features two distinguished Latina leaders from Morgan Stanley, each with a wealth of experience and a passion for empowering others.
Anibel Sauls - Vice President, Operations Client Relationship Manager at Morgan Stanley Anibel Sauls is a seasoned professional with over 15 years of experience in financial services. As Vice President, Operations Client Relationship Manager at Morgan Stanley, she plays a pivotal role in managing client relationships and ensuring operational excellence. Before joining Morgan Stanley, Anibel worked as a Manager at Ernst & Young's Capital Markets Consulting Practice and as Vice President of Information Delivery at Northern Trust Hedge Fund Services. Anibel’s expertise spans agile and traditional project management frameworks, and she is a Certified Scrum Master (CSM). Beyond her professional accomplishments, she is a champion for diversity and inclusion, particularly in the areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). She actively mentors young women and people of color, serves as a mentor for Break Through Tech AI, and is a former President of The Junior League of Westchester on the Sound (JLWOS). She also sits on the board of The Sharing Shelf, a nonprofit dedicated to serving low-income children. Anibel holds a B.A. in Economics and International Studies from Manhattanville College and a Master’s in Information Systems from Northwestern University. Christie-Belle Garcia - Executive Director, Talent and Diversity & Inclusion Advisor, Human Capital Management at Morgan Stanley. Christie-Belle Garcia joined Morgan Stanley in 2022 and currently serves as Executive Director and Talent and Diversity & Inclusion Advisor for the firm’s Wealth Management division. In this role, she is responsible for shaping and executing diversity initiatives, talent acquisition strategies, and fostering a more inclusive workplace culture. Christie-Belle’s journey into financial services follows a distinguished 15-year career in higher education, where she led diversity and STEM talent pipeline initiatives. Her leadership extends beyond the workplace, as she serves on the boards of the Gateway Foundation by Money Management Institute and the Bethel Education Foundation, further cementing her commitment to social impact and equity. Christie-Belle earned a dual degree in History and Spanish from Manhattanville College, a Master’s in Secondary Education, and a Ph.D. in Contemporary Learning and Interdisciplinary Research from Fordham University.  The speakers took time to speak with every single attendee, they left no student behind. The were super humble with their time and service. These ladies are Super Stars in leadership.  The “Latinas in Leadership” panel offered more than just career advice. It’s was a celebration of the progress Latinas have made in leadership and a reflection on the work still ahead. Attendees left with actionable insights into how to build meaningful careers while staying true to their cultural identities and personal values. In addition to the speakers sharing their experiences, attendees learned about graduate opportunities at Morgan Stanley and how the firm is actively working to cultivate a pipeline of diverse leaders. Morgan Stanley’s commitment to creating a more inclusive workforce provides hope for a future where leadership reflects the rich diversity of our communities.  BLK & LTNX MBA Board Members This panel discussion was a must-attend event for anyone passionate about fostering diversity in leadership and creating a more inclusive workplace. It also serves as a reminder of the importance of mentorship, representation, and community in achieving professional success. Here is what we learned:
Firsthand from successful Latina leaders about their challenges and victories in the corporate world. Strategies for navigating corporate environments, advocating for yourself, and advancing your career. Connecting with leaders from Morgan Stanley and the broader Fordham community who are passionate about diversity and inclusion. Engaging conversations about the future of leadership, inclusivity, and the role that Latinas play in shaping industries like finance. The “Latinas in Leadership” panel underscores the significance of celebrating Latina leaders during Hispanic Heritage Month. By shining a spotlight on the contributions of women like Anibel Sauls and Christie-Belle Garcia, this event aimed to inspire the next generation of leaders to break barriers, embrace their heritage, and strive for excellence in their careers. Meaningful conversations that honored the legacy of Latina leadership while paving the way for future generations. Celebrating Hispanic Heritage Month at Fordham University’s BlK and LTNX MBA club taught us how to be a leader in our own industry of choice. Vonoi Magazine / Vonoimag.com |
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