Ariel-Schwab Black Investor Survey Shows Blacks Moving Backward - Leaders Convene Today to Take Action
From CNN/Money:
“According to this year's just-released Ariel Mutual Funds – Charles Schwab Black Investor Survey, which polled 500 Blacks and 500 Whites earning more than $50,000 annually, the median amount of money saved by Blacks is less than half of their White counterparts ($48,000 versus $100,000). On a monthly basis, median savings is $182 for Blacks versus $261 for Whites.
The data also shows that retired Blacks have median savings of just $73,000 compared to $210,000 for Whites. Blacks, on average, also retired earlier than Whites (59 vs. 61) and are more likely to be relying on a pension or Social Security rather than a defined contribution plan, such as a 401(k) plan.
Based on these troubling findings, the two financial services companies convened a summit earlier today at NASDAQ in New York City. Panels featuring government, business, and community leaders covered such topics as financial literacy, the role of employers in promoting saving and investing, and the need for individuals to take greater responsibility for securing their retirement.”
Read more about the survey findings here: arielmutualfunds.com
Source
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