More than half expect significant financial improvements with five years, but debt remains a concernNew research from Lincoln Financial. Visit here.
RADNOR, PA, (February 27, 2018 ) – Lincoln Financial Group (NYSE:LNC) announced today that its Financial Focus research study shows African Americans are more optimistic about their financial futures than any other race/ethnicity with 53 percent expecting significant personal financial improvements within the next five years—and despite a pay gap between white and black families, according to the Census Bureau’s 2017 Current Population Survey.
Looking ahead just to 2018, African Americans are more optimistic than Caucasian Americans and Asian Americans, and are equally optimistic as Latino Americans: 34 percent of African Americans project their financial situation will get much better in 2018.
Diversity trends upward
“These results reflect progress and efforts to elevate the community’s access to financial planning resources,” said Allison Green, senior vice president of Diversity, Inclusion and Employee Engagement for Lincoln Financial Group. “By increasing understanding of the products and solutions that enhance the long-term financial outlook for African Americans, there is an opportunity to ensure these numbers continue to trend upward. At the same time, there is still work to be done.”
The research also shows that, despite widespread optimism about their financial futures, African Americans do express some concerns over the long-term:
- Handling unforeseen health expenses
- Saving for retirement
- Providing for their family
- Paying off debt
“The research is a direct lens into what keeps African Americans, as well as all Americans, up at night financially, which strengthens our ability to deliver the kinds of actionable steps that everyone can take to protect the ones they love,” said Green. “Meeting with a financial advisor is also an important part of developing a financial plan that is right for you and your family.”
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About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $253 billion in assets under management as of December 31, 2017. Lincoln Financial Group is a committed corporate citizen and was named one of the Forbes Best Employers for 2017, is a member of the Dow Jones Sustainability Index North America, and received a perfect score of 100 percent on the 2018 Corporate Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
About the Financial Focus: Goals and Reflections of Today’s Customer, Year-End 2017 Study
The Financial Focus: Goals and Reflections of Today’s Customer, Year-End 2017 study is based on a national survey of 2500 Americans ages 18 and older, conducted by PSB behalf of Lincoln Financial Group. Data was weighted to reflect the total population of adults 18 or older within the United States. Online interviewing took place from Nov. 3 to Nov. 15, 2017.