We rarely have a problem when it comes to spending money, but there seems to be a problem within our community when it comes to saving it. According to the Associated Press, there is a growing trend that Blacks are saving and investing less than Whites. The striking differences are said to be due to a lack of exposure to personal finance concepts and ideas.
The poll conducted by Ariel Investments, LLC and the Charles Schwab Corporation found that 62 percent of the Blacks surveyed own stocks or mutual funds, lagging behind the 82 percent of White respondents who do.
The survey also found that about nine out of ten of both working Blacks and Whites have access to a retirement plan such as a 401(k), and of those, about 90 percent of each group contributes regularly. However, the study stated that Blacks are on equal footing with Whites when it comes to accessing and enrolling in their employer’s defined contribution plans. The report was based on interviews with those who had household incomes of at least $50,000.
- Red Carpet