Study: Despite tough economy, blacks still believe American Dream possible

(May 5, 2008) African Americans still believe it's possible to achieve the American dream in their lifetime, according to MetLife's second Study of the American Dream. 

Americans are concerned about the U.S. economy with 94% of African Americans reporting that the nation is headed in the wrong direction, up dramatically from 71% just one year ago. Despite the current challenging economic environment, nearly eight in 10 (78%) of African Americans believe the dream is within reach, slightly ahead of the overall U.S. population (74%).

According to the study, there has also been an eight percentage point increase year-over-year in the number of African Americans who have reported that they have already achieved the American dream. Americans generally define the American dream as financial security, family and freedom from want, but African Americans are more likely than others to also cite a comfortable retirement (45% vs. 35%) and successful career (39% vs. 27%) when defining the American dream.

"Even as the U.S. economy slows, African Americans aren't willing to have their dreams disrupted," said Tunde Ogunlana, a MetLife financial advisor. "Over the past year, more African Americans believe they have achieved the American dream. At the same time, I see my clients who are still trying to achieve the dream forging ahead with hard work and self-reliance."

African Americans Working Harder
Ninety-six percent of African Americans believe Americans are working as hard or harder than ever just to get by.  In fact, there is a growing concern among African Americans about the affordability of basic needs, with approximately 74% saying they feel like the bar is rising in terms of the basic necessities of life. Yet, less than half (48%) of African Americans reported they are working harder than their parents to achieve the American dream.

The study notes more than 60% of African Americans are frustrated that they can no longer "count on" employer-sponsored programs such as health care and pension plans. African Americans (64%) are also concerned about their ability to rely on the government for their financial security, and they also express concern that some programs such as Social Security and affordable health care will not be available for future generations.

As the financial burden shifts to the individual, African Americans are seeking to create their own personal safety net. However, many don't plan to turn to their employer; rather, six in 10 will create their "safety net" outside of the workplace. That being said, 61% of African Americans expect their personal financial situation to be better in the future.

From January 4-6, 2008, Strategy First Partners and Penn, Schoen and Berland Associates conducted 800 online surveys in the United States among the general population, including 124 African Americans.  The purpose of the study is to understand and track Americans' sense of financial security and their ability to achieve the American Dream.  The study is available by clicking here.

Celebrating 140 years, MetLife is a subsidiary of MetLife, Inc., a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions.


Go to Target Market News homepage





























































 

  Sign up Now - Save $100  


Hear presentations from:
Arbitron
GlobalHue
Google
Nia Enterprises
Nielsen
R. L. Polk
Starcom MediaVest
Target Market News
The Media Audit
U.S. Census Bureau
...and many more!


 14th Edition Now Available!
Latest Buying Power report shows spending up in major categories

The 2007 edition of "The Buying Power of Black America" has just been released by Target Market News. The one-of-a-kind report is the most quoted source of information on how African-American consumers spend their $744 billion in income.

According to the newest edition of "The Buying Power of Black America," there is growth in a number of major product categories despite that slowdown in overall consumer purchases. Get the details by ordering your copy now.

Click here to order The Buying Power of Black
America report

_________________________________________________________________________________________


The African-American
Book Publishing Authority

Now in its ninth year of publication, Black Issues Book Review is the only nationally distributed magazine devoted exclusively to covering the latest news and reviews on black books. BIBR also provides up-to-date news on forthcoming author signings, book fairs and book clubs.
Want this issue? Get it with your new subscription.
Click Here

A TARGET MARKET NEWS PUBLICATION
_________________________


  SUBSCRIBE TODAY! 


The trade publication for
in-depth coverage of Black
Consumer Marketing
and Media news