Seven in 10 African Americans currently do not have a long-term financial plan. While most African Americans have set financial goals, many feel they are not on track to achieve financial success without a long-term financial plan, according to a study by Northwestern Mutual.
African Americans dream big dreams but represent untapped potential when it comes to their finances. Study insights reveal African Americans have a strong desire to set financial goals, but lack a plan or resources to achieve them.
African Americans and Financial Goals
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Only 1 in 5 African Americans has set clear financial goals.
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7 in 10 African Americans do not have a long-term financial plan.
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Half of African Americans think they don’t make enough money to employ a financial representative, and 1 in 4 don’t know where to start.
Source: Northwest Mutual
“These insights reveal a significant gap when it comes to what African Americans want for their financial futures and where they actually are on their journey,” said Francisca Brown, director of multicultural marketing for Northwestern Mutual. “The findings also emphasize the important role of our company, our financial representatives and the financial services industry to engage, educate and connect with African Americans so we can help close that gap and prepare this demographic for a bright financial future.”
Key findings from the study highlight opportunities for African Americans to expand their financial education and take steps today towards creating a financial plan.