Prudential Leaders Reflect on Findings from New Study
Prudential's 2013-2014 “African American Financial Experience” study shows that the African American community remains optimistic and continues to demonstrate financial progress, confidence, and growing affluence, despite mounting debt and little contact with the financial services industry.
“The study shows increasing economic power and an emerging middle class within the community,” said Charles Lowrey, Prudential’s chief operating officer, U.S. Businesses. “Approximately 4 in 10 households surveyed have annual incomes of at least $75,000, and nearly a quarter earn $100,000 or more. Half of African Americans surveyed said they feel better off financially than a year ago, while only 19 percent say they feel worse.”
The study also finds that African Americans remain significantly more confident and optimistic about their financial future than the general population, and that African Americans are more likely to live in multigenerational and female-headed households, and to be financially responsible for supporting other family members.
“Family remains a key factor in the African American financial experience. African Americans also report managing more financial priorities than the general population, despite doing so with lower incomes. African Americans have a greater number of family-oriented financial priorities, like adequately protecting loved ones, leaving an inheritance, and funding education,” said Sharon Taylor, senior vice president and head of human resources at Prudential.
For more key findings from the study, read the African American Financial Experience
The African American Financial Experience” survey was conducted March 7 - 19, 2013. We surveyed 1,153 Americans who identify as African American or Black and 471 general population Americans on a broad range of financial topics. All participants met the following criteria:
- Age 25 - 70
- Household income of $25,000 or more
- Some involvement in household financial decisions
The findings are representative of the population described above, subject to a margin of sampling error of +/- 5% for African Americans and +/- 6% for the general population.
The Prudential Insurance Company of America, Newark, NJ