The Financial Services edition of the 2021 Edelman Trust Barometer Special Report: Business and Racial Justice in America highlights the urgency for meaningful, long-term endeavors to drive systemic change. Over the last twelve months, Edelman’s Trust Barometer research has surveyed how well sectors are addressing racism, and financial services ranks last among a crop of industries.
Resolving racist policies
- 58 percent expect companies to apologize for racist actions it had engaged in decades ago
- 53 percent of Black respondents agree that financial services companies use inaccurate or inappropriate criteria to judge the credit worthiness of people in their community
- 43 percent of the U.S. population is more comfortable interacting with financial services companies in ways that keep their race or ethnicity anonymous
Zero tolerance for racism at work
- 8-in-10 people believe that CEOs must respond to systemic racism and racial injustice
- Communities of color are most concerned about adequate, diverse board representation with the inclusion of people of color as well as engaging with local leaders on what the organization should be doing
Notably, only Black respondents agree that racism in the financial services sector is widespread and systemic. The explicit economic deprivation of people of color reveals consumer and employee dilemmas involving proper communication, accessibility and suitability of products, discriminatory policies, DE&I and more. Click here to download the full report.