For the record, the wealth gap between men and women is real. For every dollar owned by white men, white women own 32 cents and black and Latino women own only pennies (opens in new tab) (this is partially the result of insane income inequality (opens in new tab)) During the COVID-19 pandemic, this gap is only growing ： Research shows that the pandemic has disproportionately impacted women, people of color (opens in new tab), and low-income individuals, both in terms of health and economics. (opens in new tab)

"It is absolutely clear that this recession is hitting women more severely," Sallie Krawcheck, founder of Ellevest, a women-focused financial firm, tells Marie Claire. The data doesn't lie. The data doesn't lie. This is especially true for black and Latina women. Many of these women who are still in the workforce are taking on more child care as their children are out of school. Then there is also the fact that women, especially black and Latino women, make up the majority of essential workers"

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In the wake of the pandemic, Ellevest asked where their community needed the most help. The results showed that in the wake of COVID-19, 92% of women polled with annual incomes of less than $50,000 said they realized they needed to build financial security. Additionally, 80% of the women polled at all income levels said they were having second thoughts about their financial health and goals.

Ellevest says it wants to help these women. The company says it unveiled today a new money membership designed to put more change in the pockets of "women, non-binary people, and men-alike." Available in three affordable plans (with step-in programs starting at $1 per month), the new memberships are available to those who need it most. According to Krawcheck, members can invest using a "proprietary, gender-aware investment algorithm." That is, unlike other standard investment algorithms that are tailored to men's careers, income, and spending habits, the algorithm takes into account factors such as salary gaps and career interruptions due to having children (opens in new tab). Members also have access to one-on-one financial planning, coaching, and free workshops, as well as a spend and save account (round up pennies and save immediately) and an Ellevest debit card (super cute).

"Wealth inequality in this country is getting worse every year," says Krawcheck. 'That's why it was important for us to offer memberships that start at as little as $1 per month.' Keep bank and investment fees low. No minimum investment amount. And to build a vocal and strong community where members can talk about money and connect. The plan is to reduce the barriers many women face when it comes to investing. To help women, especially women of color, achieve economic freedom and equity, we need to start by designing resources that are accessible to all. She continues, "We know that what works for other women who are not struggling with the same intersecting injustices and systemic racism will not work for women of color." So we are committed to putting the black perspective at the center of our growing learning and coaching product."

This article has been updated.

To get started, visit Ellevest.com (opens in new tab) or download the iOS app from the App Store. The first month of membership is free.