(The Black Man) I am an African American financial advisor. However, African Americans and people of color have been a very small part of my wealth management business—so small, in fact, that the phenomenon spurred me to discover if what I have experienced holds true across the country. I have come into contact with very educated and successful African American businesspeople, but the one consistent factor is that many of them lag behind in their saving and investing experiences.
What is more disturbing is that African American and Hispanic workers are just as likely as American workers to feel confident about their retirement security, even though their savings and preparations lag behind, according to findings of the Minority Retirement Confidence Survey (MRCS). While some differences in retirement preparation can be attributed to differences in income distribution, other findings show that minorities are less prepared even when comparisons are made among workers with similar levels of household income.
African American Workers: False Expectations About Retirement Saving