Black Americans Show Resilience Amid Inflation And Debt

by Rafael Pena

April 2, 2024

Despite facing financial stressors like inflation and debt, Black Americans exhibit remarkable optimism about their financial future.

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Insurance News Net reports that despite facing financial stressors like inflation and debt, Black Americans exhibit remarkable optimism about their financial future, a recent survey by Achieve reveals.

The survey, aimed at understanding the financial challenges and aspirations of Black consumers, highlighted several key findings. According to Austin Kilgore, an analyst at the Achieve Center for Consumer Insights, a significant portion of Black respondents reported living paycheck-to-paycheck, with many struggling to make ends meet due to limited funds and rising costs of essential items.

“Financial advisors should work with these consumers to help understand their current financial goals, establish a budget, and explore opportunities to increase savings,” Kilgore emphasized.

Interestingly, despite their financial struggles, Black respondents demonstrated higher levels of optimism compared to other demographic groups. Kilgore attributed this optimism to several factors, including job stability, anticipated wage increases, and a positive outlook on income growth.

“While women across all racial demographics expressed concerns about the economy, Black Americans showed resilience and optimism, possibly driven by expectations of improved job prospects and income growth,” Kilgore noted.

Achieve’s survey sheds light on the financial realities and outlook of Black consumers, revealing a mix of challenges and optimism. “Our research shows that while many Black Americans are optimistic about their income and earning potential in the year ahead, paying off debt and managing the impacts of inflation on household finances continue to be major financial concerns,” said Achieve Co-Founder and Co-CEO Brad Stroh.

The survey unveiled concerning statistics, with 76% of Black consumers living paycheck-to-paycheck and 43% struggling to make ends meet. However, it also highlighted a sense of hope, with 56% anticipating an increase in household income over the coming year.

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