Lincoln Financial Group announced that its Financial Focus research study shows African Americans are more optimistic about their financial futures than any other race/ethnicity with 53 percent expecting significant personal financial improvements within the next five years—and despite a pay gap between white and black families, according to the Census Bureau’s 2017 Current Population Survey. Looking ahead just to 2018, African Americans are more optimistic than Caucasian Americans and Asian Americans, and are equally optimistic as Latino Americans: 34 percent of African Americans project their financial situation will get much better in 2018.
“These results reflect progress and efforts to elevate the community’s access to financial planning resources,” said Allison Green, senior vice president of Diversity, Inclusion and Employee Engagement for Lincoln Financial Group. “By increasing understanding of the products and solutions that enhance the long-term financial outlook for African Americans, there is an opportunity to ensure these numbers continue to trend upward. At the same time, there is still work to be done.”
The research also shows that, despite widespread optimism about their financial futures, African Americans do express some concerns over the long-term:
- Handling unforeseen health expenses
- Saving for retirement
- Providing for their family
- Paying off debt
“The research is a direct lens into what keeps African Americans, as well as all Americans, up at night financially, which strengthens our ability to deliver the kinds of actionable steps that everyone can take to protect the ones they love,” said Green. “Meeting with a financial advisor is also an important part of developing a financial plan that is right for you and your family.”