A new report from the Joint Center for Political and Economic Studies examines the extent of pessimism and hope in the African American community about their financial status.
Among the findings from the survey are:
- About one in five Black Americans report that their financial situation is poor, about a third report that their financial situation is neither good nor bad, and the remaining 45 percent report that their financial situation is good.
- Most Black Americans’ financial situation has either gotten worse (30 percent) or stayed the same (44 percent) over the last year.
- Only about four in 10 Black Americans could cover three months of expenses with their current savings, and only a quarter of Black Americans (25 percent) express a great deal of confidence that they could handle an unexpected expense of $1,000.
- Only around one in five Black Americans are somewhat or very confident that they will be able to finance their retirement.
- Black Americans remain optimistic about their financial futures, with two-thirds being somewhat or very optimistic about their financial futures.
Responses were directly related to income and education. Respondents earning more than $60,000 per year or those with college degrees are more likely to say that their financial situation is good.
The full report, Pessimism and Hope: A Survey of the Financial Status and Aspiration of Black Americans, may be accessed here.