Our 2013 African American Financial Experience study shows continued financial progress, confidence and growing affluence in the African American community. At the same time it highlights ongoing hurdles of debt, multiple financial priorities and lagging investment product ownership that for many continue to make it more difficult to achieve long term financial security.
Link to study: African American Financial Experience
While these are challenges for all Americans, the study brings to light unique characteristics of the African American community. The findings show the African American financial experience is defined by clear family-oriented financial priorities, solid participation in employer retirement savings plans, a focus on protection-oriented financial products, the significant role of faith-based institutions in financial education and optimism for the future.
The study builds on the findings of the 2011 African American Financial Experience, part of our ongoing commitment to better understand and serve America’s diverse communities. That study reflected similar trends around reducing debt, accessing financial advice and achieving retirement security. While progress has been made in many areas since then, the 2013 study underscores another 2011 finding – the vast majority of African Americans do not feel well served by the financial industry. Trust and engagement with financial institutions – although improved since the financial crisis – remain low.
As an industry, we need to continue to earn the confidence of the community by better meeting its needs. At Prudential, this remains an important focus of our company and our people. We recognize much more needs to be done. We hope the findings of this research contribute to continued financial progress among African Americans and renewed focus from our industry to help individuals achieve their personal financial goals.
For more than 135 years, Prudential Financial Inc., has helped individual and institutional customers grow and protect their wealth. Today, we are one of the world’s largest financial services institutions with operations in the United States, Asia, Europe, and Latin America. We also have one of the most recognized and trusted brand symbols: The Rock ®, an icon of strength, stability, expertise, and innovation.
We strive to create long-term value for our stakeholders through strong business fundamentals, consistent with our mission guided by our vision and directed by our company’s core values. We are committed to keeping our promises and to doing business the right way.
-Prudential Financial Inc.