{"id":95153,"date":"2021-04-26T15:49:14","date_gmt":"2021-04-26T19:49:14","guid":{"rendered":"https:\/\/ncrc.org\/?p=95153"},"modified":"2021-04-26T15:49:14","modified_gmt":"2021-04-26T19:49:14","slug":"women-and-covid-19-financial-recovery-understanding-stigma-and-financial-services-deserts","status":"publish","type":"post","link":"https:\/\/ncrc.org\/women-and-covid-19-financial-recovery-understanding-stigma-and-financial-services-deserts\/","title":{"rendered":"Women and COVID-19 Financial Recovery: Understanding Stigma and Financial Services Deserts"},"content":{"rendered":"

This is one in a series of articles about the pandemic and America\u2019s <\/span><\/i>First Female Recession<\/span><\/i><\/a>. See <\/span><\/i>more here<\/span><\/i><\/a>.<\/span><\/i><\/p>\n

Understanding the distinct consumer needs of different consumer segments is fundamental to engaging with individuals who experience financial vulnerability and stigma as they approach a post-pandemic financial recovery. Organizations can help to play an important role in supporting customers with their <\/span>personal financial recovery<\/span><\/a>.<\/span><\/p>\n

We recently examined the experiences of vulnerable communities in banking deserts. We worked with a credit union that focused on providing services for consumers in a banking desert, which are vulnerable communities that have inadequate or no access to mainstream banks. In two field experiments, we compared credit union customers living in a banking desert to customers who do not live in a banking desert. We found that customers living in a banking desert sought different types of benefits from the credit union: these consumers expressed more interest in patronizing the credit union when they perceived it to offer a communal financial orientation, where building a relationship with the credit union would benefit not only the individual but also their broader community. The findings not only provide novel insights into psychological mechanisms distinctly associated with banking-desert consumers; they also point to a win-win for underserved communities and financial service providers because it helps both improve financial inclusion and increase the viability of serving banking deserts.<\/span><\/p>\n

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In another project, we <\/span>uncovered the effects of potential stigma<\/span><\/a>s related to illness on customers\u2019 willingness to engage with a firm\u2019s online support community. In two field experiments, we found that consumers who had characteristics that could be potentially stigmatized (e.g., HIV\/AIDS) were reluctant to engage with the firm (and seek out beneficial services), unless they were given cues that signaled benevolent intentions from the firm, such as the presence of other consumers who share the stigma.<\/span><\/p>\n

Synthesizing these insights could help point to implications for women during their journey to a COVID-19 financial recovery. Various studies have shown that <\/span>women are disproportionately affected by the COVID-19 pandemic<\/span><\/a>, including by increases in family and childcare responsibility, and increases in job loss. For example, women who are no longer in the workforce and face challenges covering day-to-day expenses may anticipate stigmatization. For example, the scarcity of not having money to purchase food for one\u2019s family can be both <\/span>an immediate stressor<\/span><\/a> and <\/span>a source of potential stigma<\/span><\/a>. This may be <\/span>exacerbated for women living in lower-income areas<\/span><\/a><\/p>\n

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that lack access to mainstream financial services, and for women of color. The aforementioned research suggests several implications for organizations to consider as they work to support and provide services to women during their financial recovery:\u00a0<\/span><\/p>\n