African Americans Face Barriers to Realizing Financial Goals

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Uploaded on April 13, 2011 by SynapticDigital

NEWARK, N.J. - African Americans say they are optimistic about achieving their financial goals, many of which reflect a strong focus on the well-being of the family and community, according to The African American Financial Experience, a study released today by Prudential Financial, Inc. (NYSE:PRU). However, the study also found that African Americans tend to hold fewer financial products, invest more conservatively, lack relationships with financial professionals and be more likely to borrow from company retirement plans - all of which are barriers to achieving their financial goals.

The study underscores growing affluence in the African American community and the importance of financial planning to achieve financial security. But while African Americans are looking for assistance and advice, 78 percent feel financial services companies have not effectively engaged the African American community and, as a result, most do not use or have access to financial advisors.

"Understanding the financial needs of the African American community is essential if the financial industry is to build trust and productive relationships," said Charles Lowrey, chief operating officer, Prudential's U.S. Businesses. "We believe this study gives us great insight into ways the financial services industry can address challenges faced by the African American community."

The African American Financial Experience survey was conducted in November 2010 as part of a series of research projects focused on multicultural markets. For more information on the survey, visit www.prudential.com/africanamericans.

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African, Americans, Black, Finances, Minorities, Debt, Small, Business, Financial, Goals, Faith, News & Events
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