While they’re experiencing greater optimism and increasing affluence, African-Americans are hindered in building long-term wealth because of gaps in retirement planning.
Those are some of the findings from the “2015-2016 African American Financial Experience” study from Prudential Financial, Inc., which also found that African-Americans are not taking full advantage of financial and investment tools.
More than half of survey respondents said that they’re better off than they were five years ago and feel that they’re better off than their parents were at their age.
Interestingly, they also describe themselves as savers rather than investors. Most African-Americans (52 percent) feel very well prepared to make smart financial decisions, while only 40 percent of the general population feels the same way.