Creditnet News Story
Survey Finds Financial Concerns are Highest Among African-Americans
Friday, June 25, 2010
By Linda McCarthy
Financial concerns are high among African-Americans in Cincinnati, a survey commissioned by The Smiley Group and Nationwide Insurance found.
An online survey of Cincinnati residents split respondents into groups: African-American and general population. The findings indicate that one-third of African-Americans did not spend time on money management activities, compared to one-fifth of the general population.
More African-Americans indicated that they wanted to reduce their debt and create an emergency fund, but 87 percent said that they didn't have a financial advisor.
However, the survey also found that African-Americans tended to be successful in creating a budget and minimizing their discretionary spending.
The economic downturn may have forced people to realize that they need to get a grasp on their finances.
"As America continues to see the long-term impact of the Great Recession, our safety nets are slowly diminishing and consumers are becoming more aware that fiscal accountability and responsibility is up to them," says regional vice president for Nationwide Insurance Eric Smith.
With the high unemployment rate and increased red tape involved in obtaining loans, having sound money management skills is even more important. The collapse of the economy has also created increased levels of debt and home foreclosures.
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