All Articles Tagged "african american finances"
Not much has changed since Prudential Financial last conducted its “African American Financial Experience” survey in 2011. According to the latest results of the biennial study, released Tuesday, African Americans still face competing priorities when it comes to building a legacy of wealth. At the top of the list: paying off debt, saving for retirement and having enough life insurance to protect loved ones.
This year’s results are based on a March 2013 poll of 1,153 Americans who identify as African American or Black and 471 general population Americans, Prudential notes.
But while the findings compound a recent report on the role the Great Recession has played in perpetuating the wealth gap between racial groups, African Americans remain confident about their financial future, the report says, with half of African Americans saying they are doing better now financially than they were 12 months ago, a sentiment shared by only one-third of the general population.
Read more at BlackVoices.com
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(Dow Jones) Even as their numbers continue to grow, African-Americans conceivably constitute one of the great untapped markets when it comes to financial services. Among those with household incomes of $250,000 or more, 58% have yet to establish an estate or a wealth-transfer plan, according to a new survey by Northern Trust. “It’s a very underserved segment,” says Darrell Jackson, an executive vice president of Northern Trust and an African-American who’s worked with his company to target this market. It also is a population that is growing and becoming more affluent. African-Americans are expected to constitute 15% of the country (a total of 66 million individuals) by 2050, according to the U.S. Census Bureau. And over the next three years, the buying power of African-Americans is expected to grow 28.4%—to $1.1 trillion from $870 billion, according to a 2010 Packaged Facts study, with the title “Black Is the New Green.”
(CNN) — As our nation went through the early stages of the recession, I can remember the rapid decline of the housing market. During the slide, I was concerned to hear voices from academia, finance and government give the lion’s share of the blame to the minority consumer for defaulting on loans for homes that they could not afford. The conversation went as far as to suggest that church pastors contributed to the housing demise because they encouraged their parishioners to purchase homes