A new survey of 1,200 participants commissioned by The Smiley Group and Nationwide Insurance shows 58 percent of African Americans expect their household situation to be better a year from now, compared to only 30 percent of the general population sharing similar optimism.
While African Americans say they think their financial situation will improve in the next year, most of those surveyed indicated they are not taking deliberate actions to better their financial circumstances:
- Less than half say they are proactive about their financial future
- Three in 4 say they do not have a written financial plan
- One in 3 say they don't know where to start when it comes to personal financial planning African Americans are more confident than their general population peers 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).
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