Friday, April 29, 2011

Black Americans Not Getting Good Financial Advice


by TEWire
Special to the Trice Edney News Wire from the Afro American Newspapers
Originally posted 4/27/2011

Only two out of every 10 African-Americans are on a path to achieve their retirement goals, according to a six-month-old survey of Blacks conducted by a major wealth manager.


The study, entitled “The African-American Financial Experience,” produced an alarming snapshot of Black Americans’ financial reality: African-Americans do not save as much money as Whites because they distrust the financial system, and are three times more likely to take money from their retirement plans to meet immediate needs.

The survey was conducted in November by Prudential Insurance of America, which interviewed approximately 1,500 Blacks between the ages of 27 and 70 who earn more than $25,000 a year. The study found that while Blacks invest conservatively and have scant relationships with financial planning professionals, their dreams of financial independence are more ambitious than those of Whites.
The survey concluded Blacks are twice as likely as Whites to dream of owning a business. It also found that 60 percent of African-Americans surveyed held less than $50,000 in a company retirement plan and only 23 percent of those


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