According to a 2022 report from T. Rowe Price, 40.5% of Black Americans and 31.9% of Latino Americans participate in a retirement plan
- Chicagobusiness.com, "Black Financial Advisers Invest Racial Wealth Gap," April 10, 2023
Historically, 10% Black of family's heads engaged in discussion about the stock market when growing up. And currently, nearly 40% of Black American families talk about it.
- Synchronybank.com, "Building Generational Black Wealth," February 21, 2023
|
Financial Advisor |
|
36% |
of Black Americans report that they have a financial advisor. |
23% |
of Black Americans said they would like to work with an advisor who has "similar characteristics to me such as similar age, gender or race". |
31% |
of Black Americans said leaving a legacy for their family was one of their top three goals, compared with 23% of the total population. |
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Americans of color have different financial concerns from others. For example, 38% of Black and Hispanic Americans list paying off credit card debt as one of their top three financial goals, compared with 30% of the total population. |
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60% |
of Black Americans report that they are at least somewhat confident that they are doing a good job financially preparing for their retirement. |
60% |
of Black Americans report paying all their bills on time, and nearly two-thirds (64%) report having money left over at the end of the month at least some of the time. |
