Black business owners and workers face greater financial and health care challenges

Black business owners and workers face greater financial and health care challenges, according to new QuickBooks survey

Black workers and business owners are more likely to face financial challenges due to the COVID-19 pandemic and, at the same time, are less likely to have good health care access or health insurance. That’s according to the new Black Business Health Survey published by Intuit QuickBooks today.*

The QuickBooks-commissioned survey of 4,000 business owners, employees, and self-employed people throughout the U.S. reveals that Black-owned businesses are more than twice as likely as others to be financially stressed right now. More than one in five Black business owners (27%) describe the current financial health of their business as “poor” or “terrible”—compared to one in ten (11%) of other business owners.

Businesses in bad financial health

Overall, more than two in five Black respondents (41%) say their personal finances got worse during the pandemic. The same proportion (41%) are currently in financial debt due to health care costs. In addition, one in four Black respondents (24%) have no health insurance—compared to only one in seven (13%) of other respondents.

Do you have health insurance?

Despite the challenges, the majority are upbeat about the future. For example, more than one in two Black respondents (54%) predict their finances will improve in 2022. In fact, as we’ll see later in the report, improving financial well-being is their no.1 priority this year.

Do you foresee your well-being changing during 2022?

Read on to learn more about the pandemic’s impact, why finances are in focus, and how health care access varies.

Black business health survey 2022

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