Tag Archives: financial support

African American Financial Experience Survey

PRUDENTIAL

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.

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Many American Students Questioning the Value of College

In a 2010 survey for the Pew report, “Is College Worth It?” studies shows that more women attend college and obtain degrees than men and that the gap is largest between men and women in the black community.

“On average, given equal education, women earn 70 cents on the dollar compared to men,” said Hofstra University Sociology Professor William Mangino. “So if a woman wants to earn the same amount as a man, she has to get a higher education,” he added.

Mangino also noted that people that are more privileged, meaning people who were born into a family that could be classified as rich, already have the necessary opportunities to get ahead in life. He said, “The best option to get ahead in life is to attend college if you’re not privileged, so a non-privileged person has to continue their education until an opportunity presents itself.”

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