- Different economic trends have emerged during the COVID-19 pandemic, which a robust stock market benefiting wealthier Americans even as millions suffer from business shutdowns and unemployment
- Penny Pennington, managing partner at Edward Jones, says business leaders need to address wealth inequality to better serve workers and the consumer base
- Major CEOs have been more likely to speak out on wealth inequality during the effects of COVID-19
Penny Pennington, managing partner at the financial advisory firm Edward Jones, says business leaders should be working to address wealth inequality that has become more pronounced during the COVID-19 pandemic. Pennington, one of an increasing number of executives at large corporations who have been speaking out on the issue, says companies rely on the financial security and consumer spending of people at lower income levels.
While the stock market has continued to perform well during the pandemic, this has disproportionately affected wealthier Americans and helped billionaires add half a trillion dollars to their wealth. During the same time, countless businesses have suffered diminished revenues and tens of millions of people have lost their jobs.
CEOs have expressed similar concerns about wealth inequality in the past, but the pandemic has put this issue into starker relief. Pennington says business leaders should be actively seeking solutions to this issue while also making lower-income workers and customers aware of ways they can improve their financial knowledge and understand the options open to them.