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.