You would think the swelling pressure from a tight economy would stop everyone from exorbitant spending, or at least make people think twice before handing over their hard-earned dollars. Unfortunately, Black women are still excessively spending in these calamitous economic times.
According to a new study by ING, a global financial institution, 68 percent of Black women say they buy what they want in a good or bad economy. Forty-one percent said that they feel guilty about how much they spend on expensive brands. The survey asked 1,000 Black professional women about their spending habits and found that 40 percent of them shop to “cheer themselves up.” The study also concluded that Black women are also more likely to shop impulsively.
“What we have here is a financial perfect storm,” says Rhonda Mims, president of the ING Foundation and senior vice president of ING’s Office of Corporate Citizenship & Responsibility. “An inclination to spend combined with an extraordinary desire to help others financially has left many Black women behind the curve in terms of savings.”
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