Survey: African Americans Optimistic About Financial Future, Need Game Plan

African Americans across the country are optimistic that their finances will be better in a year. However, most say they don’t have a financial game plan and many don’t know where to start, according to a survey commissioned by The Smiley Group and Nationwide Insurance^®.

The need to address financial literacy – especially among African-American households – is highlighted in the survey of 1,600 Americans that shows a disconnect between people's attitudes and their actions when it comes to personal financial planning.

African Americans (58%) are more optimistic than the general population (30%) that their financial situation will improve over the next year. However, most indicated they are not taking deliberate action to improve their financial situation:

• 1 in 4 say they do not have a written financial plan
• 1 in 3 say they don’t know where to start when it comes to personal financial planning
• 9 in 10 do not have a professional financial advisor, because they don’t think they need one or think they can’t afford one

National survey fact sheet (PDF)

Entire survey (PDF)

Start with good advice

It’s not necessary to go it alone when it comes to attaining economic security for yourself and your family. Expert advice can help you learn how to navigate the current economic troubles and safeguard your future.

To help you plan for a brighter financial future, Nationwide and Tavis Smiley created the On Your Side^® Tour, consisting of workshops around the country to discuss financial planning, insurance and careers with our company.