We have all heard it; now we have a study to back it up. Most African Americans do not save their money. According to "The African American Financial Experience," a study released over the weekend by Prudential Financial, African Americans aren't saving the way they should. Prudential found that only 20 percent of African Americans believe that they are on track to meet their savings goals for retirement, and nearly twice as many say they haven't even started.
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This article is not unbelievable. African Americans are more likely to spend and less likely to save. In addition, some African Americans also are guilty of living above their means. Most elderly African Americans rely on Medicare as their only form of health insurance and rely on social security as their source of income. However, I believe that this phenomenon or way of thinking is merely more than a lack of knowledge. It also ties into income and level of education.
ReplyDeleteI believe this article because I know that my parents did not save not because of lack of education but because they had no money to save once they paid the bills and fed the family. I came from a family with 6 children and we lived in a two bedroom house. We did not suffer from lack of food or clothes and we all graduated from high school. We did not have a car and had to use public transportation or walk. Walking was great for us especially going to and from school. We never gave it a second thought. Now, I think African Americans are too busy trying to keep up with their neighbors or friends and often get in over their heads, leaving no extra money to put aside. Today's society is more materialistic than they were when I was younger. My parents had no room to spend frivolously. I admire them and feel that it made me a better person having to work hard for what I have achieved in life.
ReplyDeleteDelois Freeman