African American investors are optimistic about the political and economic future of the country. They also are feeling upbeat about their own financial future.
About half, 52 percent, report they are better off now than they were three years ago, the same as the general population, according to a recent survey by Wells Fargo .
But the survey also revealed that African American investors are more focused on handling day-to-day living expenses and paying off debt. Paying monthly bills is the biggest financial concern for 32 percent of them, followed by saving for retirement at 22 percent and healthcare costs at 15 percent. Three in five African Americans in the U.S. focus on reducing debt as opposed to saving for retirement. As a result, they fear having a retirement shortfall. Fifty-two percent of those surveyed worry they won’t have enough money saved for retirement, especially those under the age of 50.
“The optimism and confidence articulated by African American investors is encouraging particularly as those surveyed are feeling financially better off than they were three years ago,” says Jeff Cosby, Financial Advisor and Vice-President, Investment Officer in the Bloomington, Minnesota office of Wells Fargo Advisors. “It is important for financial advisors to help investors think through long-term strategies for investment planning, while also providing guidance on common concerns like how to balance paying off debt while continuing to save for retirement.”
Read more at Black Enterprise.