RADNOR, Pa. (Black PR Wire) – The pandemic continues to create ﬁnancial challenges for all Americans, but research shows that minorities are among those hit hardest.
Lincoln Financial Group’s October 2020 Consumer Sentiment Tracker found Black consumers (32%) are most likely to have experienced job loss as a result of the pandemic – a situation that inevitably contributes to their top ﬁnancial concerns of not having enough emergency savings (42%) and not being able to cover day-today expenses (41%).
Black Americans went on to express their current ﬁnancial mindset is most impacted by the events of recent months. According to the research, 74% are planning to make permanent changes to the way they spend and save due to the COVID-19 crisis.
READING AND LEARNING Furthermore, 75% are planning for their ﬁnancial future differently as a result of the pandemic, prompting a growing appetite for ﬁnancial planning resources.
Black consumers (67%) are most likely to say they are reading and learning about ﬁnancial markets and investing, as well as thinking about whether they have the right insurance (61%).
“Our goal is to help Black Americans and all consumers understand the importance of saving for retirement and creating generational wealth, as well as educate on how to take those ﬁrst steps toward making it reality,” said Eric D. Bailey, CFP, founder of Bailey Wealth Advisors in Silver Spring, Md. and a registered representative of Lincoln Financial Advisors.
“By tapping into online budgeting tools, calculators and other resources, people can make small changes that really add up in the long run. “A ﬁnancial plan doesn’t have to be complicated – I like to think of it as a roadmap to ensure you’re on track to achieving the life you envision for the future. “Bailey offers three recommendations to help both Black consumers and all Americans build wealth and achieve the retirement they envision for themselves and their families:
WAYS TO WEALTH
Focus on education and ﬁnancial literacy – from a young age. Make longevity planning a priority. Building and sustaining wealth is a process, one in which consumers should match lifelong ﬁnancial goals to life expectancy.
Meet with a ﬁnancial professional. A ﬁnancial professional can provide valued expertise that ﬁts a consumer’s speciﬁc situation and goals.
“While it’s good news that more Black Americans are feeling optimistic, the research also indicates there is still work to be done,” said Bailey. “Unfortunately, the wealth gap for African Americans remains signiﬁcant.”
Visit lincolnﬁnancial.com for tools, resources and other tips.