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Survey: African-Americans Expect To Retire At 59

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NU Online News Service, Oct. 7, 2003, 5:57 p.m. EST – The average African-American expects to retire at age 59, compared with an average projected retirement age of 60 years for Hispanics and 62 for Caucasians, according to results of a telephone survey conducted by Harris Interactive Inc., Rochester, N.Y.

When Harris researchers interviewed U.S. residents between the ages of 24 and 57 earlier this year for Allstate Corp., Northbrook, Ill., they found that 76% of the African-American participants reported feeling knowledgeable about the products and tools available for retirement planning, compared with 74% of the Caucasians and 61% of the Hispanics.

However, 53% of the African-Americans said they feel overwhelmed by the sheer amount of information available on retirement planning, while 43% of Hispanics and 36% of Caucasians said the same.

Forty-nine percent of the African-American participants agreed with the statement that “financial institutions aren’t interested in having someone like me as a client.” About half of the Hispanic participants and 37% of the Caucasian participants agreed with the statement.