In 2018, MassMutual released a study known as the State of the American Family Study which examined the economic outlook and issues American families face. The study delves into culture, as well. These are some results found in this study as it relates to African-American families based on their research:
- 33% of African-American families have less than one month of expenses saved.
- 1 in 5 African-American families have set aside enough money to cover more than 6 months of expenses.
- 62% of African-American families listed travel as part of their American Dream (the highest of any other ethnicity).
- 67% of African-American families are not confident that they are getting financially prepared for retirement.
These numbers don’t sound encouraging, do they? And yes, I know, these are just numbers. I understand both sides of the argument. The point, however; the numbers do say a great deal about black economics. If the African-American community spends the most as an ethnic group on consumable goods and supplies, then we have the ability to fix these economic issues.
We must take a step back and assess and refocus our dollars to ensure that we will be better prepared financially. When we know better, we will do better! The articles that I write aren’t meant to just spew bad news, but meant to keep readers aware of the issues at hand and offer remedies to help lift the burden. Let’s all take some time as the year comes to a close to reassess our financial situations and develop a strategy that will place us in a better situation.
Your current situation does not have to be your permanent situation. Proper planning and the execution of that plan can cause you to shift course and get to a better place over time. I believe in you and your financial future!