Despite Making Six Figures, Black Earners Sill Feel Financially Insecure

Despite Making Six Figures, Black Earners Sill Feel Financially Insecure

For African-American workers, earning more money doesn't necessarily equal less stress

by Shantell E. Jamison, November 8, 2017

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Despite Making Six Figures, Black Earners Sill Feel Financially Insecure

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Close to half of African-Americans with a yearly income of between 35,000 and 150,00 are financially stressed.

Forty-five percent of Blacks are making more than $75,000 per year and up, but say they feel financially insecure than other Americans who make the same amount of money.

Black Enterprise reports that the study, conducted by Masachssetts Mutual Life Insurance Co., shows that while Blacks making six figures are less financially secure, they are more open to guidance.

“Across the board, African Americans are more likely to say they are unprepared for retirement and feel less financially secure but are more open to education and financial guidance,” said Evan Taylor, head of MassMutual’s African American Markets. “The findings demonstrate a real need to reach more people, make financial education and guidance more readily available, and focus on financial wellness.”

Below are some key findings from the study

  • Middle-income African Americans are more likely to report difficulty managing their households monthly finances
  • Debt, lack of income, and cost of living are the top African American financial concerns
  • Black Americans are less worried about the cost of healthcare compared to other groups
  • Negative outcomes from financial issues (including the inability to eat healthily, pay for a child’s education, or stress in a marriage or relationship) are reported more by middle-income African Americans

“The African American community is very open to education, information, and advice about financial matters from their employers, financial service firms, and financial professions,” said Taylor. “It’s an opportunity for financial service firms, financial advisers, and employers to make a difference.”

Click here for more on the study.

 

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