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The Media Audit
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African-Americans more optimistic than whites about financial status
(March 29, 2010) (March 29, 2010) A
survey commissioned by Nationwide Insurance and The Tavis Smiley Group
shows 58 percent of African Americans expect their financial situation
to be better a year from now, compared to only 30 percent of the general
population. However, most black households say they don't have a
financial game plan and many don't know where to start.
According to the online survey of 1,200 participants, African Americans
have made more positive changes in the past year than the general
population as a result of the economy, including creating a household
budget (37 percent to 31 percent), focusing on paying off credit cards
or other debt (49 percent to 42 percent) and starting or increasing
contributions to their 401(k) (8 percent to 5 percent).
Among the other highlights in the survey:
- African Americans are more confident than the general population in
their ability to make savings and investment decisions (52 percent vs.
43 percent), but are also more likely to indicate they are struggling
with credit card debt (38 percent vs. 32 percent).
- Fewer than one in four have a written financial plan, nearly one in
three don't know where to start building a plan, and fewer than half are
proactive about planning their financial future.
- African Americans with children under 21 say they are very or
extremely worried about being able to afford a college education for
their children, but only one in 20 say they actually have a college
savings plan. Only 3 percent say saving for education is their most
important financial goal.
To continue addressing the need for greater financial literacy among
African-American households, Tavis Smiley and Nationwide Insurance will
again partner on the On Your Side tour. The event features speakers and
workshops on various financial planning areas.
"This marks the third year of our partnership and I appreciate
Nationwide's ongoing commitment to holding these financial empowerment
sessions. As the world continues to recover from the recession, Black
America has the highest unemployment rates, was heavily impacted by the
housing crisis and was hit hard by the credit crisis. These sessions are
as timely today as they were when we started the tour."
"As America continues to see the long-term impact of the Great
Recession, our safety nets are slowly diminishing and consumers are
becoming more aware that fiscal accountability and responsibility is up
to them," said Jim Lyski, Nationwide's executive vice president of
marketing. "Consumers are seeking financial information and tools to
help them plan for today and prepare for tomorrow. We view our On Your
Side tours as a way to help people help themselves and make a difference
in the communities we serve."
The dates for the 2010 Tavis Smiley On Your Side Tour are as follows:
June 19 in Cincinnati, OH; September 25 in Columbia, S.C.; October 9 in
Pittsburgh, PA; October 30 in Greensboro, N.C.; November 6 in Baltimore,
The national online survey was conducted in December 2009 by
The Blackstone Group, a certified
minority-owned, full-service custom
marketing research and consulting firm.
A Web panel was used to collect national data for 1,202 respondents
split into two sample groups. General Population, ages 18+ (n=601) and
African American, ages 18+ (n=601). The survey has a margin of error of
+/- 3.4 percent.
Annual Edition 'Buying Power of Black America' report
breaks down billions in expenditures (January
19, 2010) Black consumers are responding to tighter economic
condition by focusing more of their spending on items and services
that improve their homes and lifestyle. That's one of the trends
revealed in the 15th annual report, "The Buying Power of Black
America," published by Target Market News. The report analyzes
spending for black households in 2008 and finds that