Study: African Americans Struggle to Reach Financial Goals

Black History Month African Americans

USA, February 18, 2016: Seven in 10 African Americans currently do not have a long-term financial plan according to a recent study .

While most African Americans have set their financial goals, many feel that they are not on the track in achieving the financial success without a long-term financial plan.

In recognition of the Black History Month, Northwestern Mutual has identified opportunities that could help the African Americans achieve their financial dreams.

According to the Elements of Success Study, conducted by Northwestern Mutual in 2015, African Americans dream big dreams but represent untapped potential when it comes to their finances. Study insights reveal African Americans have a strong desire to set financial goals, but lack a plan or resources to achieve them.

“These insights reveal a significant gap when it comes to what African Americans want for their financial futures and where they actually are on their journey,” said Francisca Brown, director of multicultural marketing for Northwestern Mutual. “The findings also emphasize the important role of our company, our financial representatives and the financial services industry to engage, educate and connect with African Americans so we can help close that gap and prepare this demographic for a bright financial future.”

Key findings from the study highlight the opportunities for African Americans to expand their financial education and take steps today towards creating a financial plan.

  • Only 1 in 5 African Americans has set clear financial goals.
  • 7 in 10 African Americans do not have a long-term financial plan.
  • Half of African Americans think they don’t make enough money to employ a financial representative, and 1 in 4 don’t know where to start.

Harris Poll conducted over 4,300 interviews in June 2015.  The interviews were completed among U.S. adults age 18+ and included members of the general population.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries.