A new study released on Monday by Massachusetts Mutual Life Insurance Co. (MassMutual) shows African-Americans have a greater interest in financial education than their peers.
The nationwide study surveyed 492 African-Americans who work full time and have a household income between $35,000 and $150,000, and compared the survey to a larger study that included 1,010 members of the general population with the same qualifications.
According to MassMutual’s report, 67 percent of African-Americans (and 52 percent of the general population) wish their employers offered more resources to help them set financial priorities. Fifty-nine percent (and 51 percent of the general population) wished that their employer provided more education on saving for retirement.
More than half of African-Americans were interested in education on financial products and insurance that would help prevent them and their families from falling into financial hardships.
Evan Taylor, head of African American Markets, encourages financial advisors to take some of the study's insight into account with their African-American clients.
“Everyone’s dream is to be able to retire a little bit early, but some people don’t really know where to start,” said Taylor.
To see the full report click here.