Improving the financial well-being for all employees
of HoneyBee users are Black, Hispanic, or Asian, and the majority of them are female.
of HoneyBee users have at least one child.
of users said it was difficult to cope with their financial issues before HoneyBee.
said HoneyBee made it easier for them to cover regular expenses.
Results from a survey of HoneyBee applicants courtesy of Washington University in St. Louis and the Financial Health Network.
Structural Financial Inequity in America
The average white American family has about 7 times the wealth of the average hispanic and black family, and twice the amount in retirement savings.
The Gap in Savings Cushions
While the average white family has 31 days of liquid savings on hand, hispanic and black families have only 5 to 12 days – leaving many without savings cushions to manage income volatility.
Lack of Access to Affordable Credit
Black consumers are 73% more likely than white consumers to lack a credit score and 30% of black households have no access to affordable credit.
The Financial Literacy Gap
The P-Fin Index measures eight key areas of personal finance knowledge. In 2020, minority women answered only 38% of the questions correctly.
Everyone benefits when employees are less stressed about money
of employees feel less stress about money
increase in 401(k) participation
reduction in 401(k) borrowing