NEW YORK– Few African Americans are saving money for retirement, according to a new study released by Prudential Financial.
Some respondents to Prudential’s The African American Financial Experience survey felt they didn’t have the resources to save, while others felt that the financial community doesn’t invest or engage the African American community.
Prudential found that only 20 percent of African Americans believe that they are on track to meet their savings goals for retirement, and nearly twice as many say they haven’t even started. Even worse, 60 percent of African Americans surveyed have less than $50,000 in company retirement plans, and only 23 percent have more than $100,000.
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