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June 06, 2007 at 01:26 PM
Average retirement confidence levels among minority workers are relatively high, even though the workers’ average savings rate is relatively low.
Researchers at the Employee Benefit Research Institute, Washington, have published data supporting these conclusions in a summary of results from the 2007 Minority Retirement Confidence Survey, which included responses from 1,004 U.S. adults ages 25 and older who were not retired. The sample included 500 African-American adults and 504 Hispanic adults.
The researchers compared the minority survey results with results from the 2007 Retirement Confidence Study. For that survey, researchers interviewed 1,001 workers ages 25 and older, and 251 retirees.
Only 4% of the African-American and 4% of Hispanic survey participants have saved $250,000 or more, while 54% of the African-American participants and 55% of the Hispanic participants have saved less than $10,000, EBRI researchers report.
