SOURCE: Prudential Financial, Inc.
New Study: African Americans Have Improved Financial Outlook
According to the 2013 African American Financial Experience Survey, 65% of African Americans are more likely to feel better off compared to the previous generation of their family. In addition, African Americans report feeling a more positive upswing versus the general population, and are significantly more confident about the national economy and government.
The report, conducted by Prudential Financial, highlights the financial goals, concerns and progress of African Americans. Valerie Coleman Morris, author of the book "It's Your Money So Take It Personally" and Michael L. Davis, Senior Vice President for Prudential talk about this report and the financial issues affecting and influencing the African American community. They also discuss how people can improve their financial outlook and create long term financial security.
Other significant report findings show that African Americans:
• Report a higher preparedness to make wise financial decisions compared to 2011 survey
• Are keenly focused on debt reduction
• Are three times more likely to be supporting parents/grandparents and other relatives, making their sandwich generation even thicker
• Prioritize retirement saving, but less likely to contribute enough to earn their employer match, and more likely to have taken loans against their savings plans
• Are less likely to believe that they have been actively engaged by the financial services industry
Available content includes soundbites from Valerie Coleman Morris and Michael Davis, and B-roll.