Half of half African Americans feel better off financial than a year ago, while only 19 percent feeling worse off, according to new research.
Prudential Financial, Newark, N.J., discloses this finding in its 2013 African American Financial Experience study. Released at a media luncheon on Tuesday, the survey polled 1,153 Americans who identify as African American or Black and 471 general population Americans on a broad range of financial topics.
The report reveals that almost half of African Americans (47 percent) feel better off financially than they did five years (pre-recession). And nearly two-thirds (65 percent) feel better off than compared to the prior generation of family. These percentages compare to 51 percent and 58 percent, respectively, for the general population.
“This progress comes despite feelings that the US. Economic downturn is still ongoing, primarily due to high unemployment,” the report states. “African Americans provide financial support to unemployed family and friends at a rate nearly double that of the general population.”
The progress comes also despite the fact that only about a quarter of African Americans believe any financial services company has effectively reached out to their community. Across income levels, African-Americans are 13 percent less likely than the general population to have received contact from a financial advisor, the report notes.