Mayor Martin J. Walsh will join mayors from around the country tomorrow to discuss wage inequality and financial literacy as City Hall says nearly half of Bostonians would struggle to live above the poverty line for three months after a job loss or significant medical expense.
"There's a tremendous need for this in the city of Boston as far as the literacy we have, but it goes deeper than that. People don't have the means for employment and we have to work on that," Walsh said in an interview. "It's a pretty big issue. You hear a lot about people being priced out of the city of Boston."
Close to half of Boston residents do not have enough money saved to survive above the poverty level for three months if they lost a job, Walsh's office said. That number jumps to 69 percent for African-American households and 75 percent for Hispanic households.
"Our unemployment rate is about 5 percent, but in areas like Roxbury, Dorchester and Mattapan, our unemployment rate is higher," the mayor said.
Walsh, Seattle Mayor Ed Murray and others in town for a U.S. Conference of Mayors leadership meeting will speak at UMass Boston on a panel moderated by Boston Federal Reserve president Eric Rosengren.
"It's not just a Boston issue, it's a nationwide issue," Walsh said. "It's an opportunity to bring mayors to the city of Boston to be able to hear testimony from residents of our city, but also talk about sharing best practices on how different cities are handling the issue."
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