African-Americans feel better off financially

The report observes also that, relative to the general public, African Americans feel significantly more confident (42 percent vs. 30 percent) and optimistic (30 percent vs. 21 percent) when making decisions about their money. Consistent with this confidence, African Americans feel less uncertain (22 percent vs. 31 percent), less anxious (18 percent vs. 28 percent) and less intimidated (5 percent vs. 10 percent) about financial decisions.

The survey adds that total household assets accounts for 17 percent of African-Americans’ positive financial outlook, as compared to 47 percent for the general population. Level of life insurance protection counts twice as much in African Americans’ financial confidence than for the general population (22 percent vs. 11 percent).

Liabilities—including health care costs, household expenses, debt and children or grandchildren’s financial future—account for an additional 31 percent of African Americans’ financial confidence. This, the report states, is six times greater than that of the general population.

The report adds the top three financial priorities of African Americans, each chosen by more than half of respondents, are reducing debt (60 percent among African Americans vs. 50 percent among the general population), saving for retirement (55 percent vs. 62 percent) and building an “emergency savings” account (54 percent vs. 41 percent).

Having enough life insurance to protect loved ones is the fourth highest priority among African Americans at 38 percent. This compares to 21 percent of the general population, the report states.