The 2013-2014 African American Financial Experience study is out. Commissioned by Prudential Financial, this is the second bi-annual study measuring financial attitudes and trends in the African American community, and is part of a series of signature research by the company examining financial trends in America’s multicultural communities. The survey was released to media on May 21, 2013, accompanied by a panel discussion of survey findings with National Urban League CEO Marc Morial; Journalist, Author and Financial Education Advocate Valerie Coleman Morris and Prudential Vice President Richard Michael Davis, followed by a luncheon and “fireside chat” with Morial conducted by CNN Special Correspondent Soledad O’Brien, held at the headquarters of Scholastic Inc. in New York City.
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The study is based on a March 2013 poll of 1,153 Americans who identify as African American or Black and 471 general population Americans on a broad range of financial topics. Respondents are ages 25 to 70 with a household income of at least $25,000 and some involvement in household financial decisions. The median income of those surveyed was $68,000.
Some of the more interesting results from the survey:
Half of African Americans surveyed say they believe working with an advisor would help them make better financial decisions. However, only 19 percent say they have a financial advisor.
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