A new study revealed that when it comes to finances African Americans are more likely to support their family, friends, and the local communities that they reside in more than Whites, Black Enterprise reported.
The survey, which was conducted by Massachusetts Mutual Life Insurance Co., was designed to observe how individuals from different racial backgrounds perceive community involvement and prioritize their finances. According to the research, 80 percent of African Americans believe that its essential to be involved in your community; only 66 percent of Whites agreed. The study also illustrated that 90 percent of Black people believe that it’s crucial to support each other and over 60 percent of survey participants have provided financial support for those who were close to them.
Evan Taylor, who serves as the African American market director at Mass Mutual says that the results of the survey are indicative of how important the sense of community is to Black people. “Throughout history, African Americans have had to rely on each other, oftentimes to survive,” he said in a statement. “Therefore it is not surprising that helping each other lies at the heart of their beliefs about community and finances. Although no strangers to tough economic times, sacrificing to support each other, particularly family and friends, is a huge part of black culture and community.”
Although a high percentage of African Americans believe that it’s important to support each other, only 32 percent share information about their financial status. Taylor says that these findings illustrate the need for Black people to have conversations surrounding wealth-building in their communities.
There have been several platforms created to encourage African Americans to support each other. Last year, entrepreneur Mandy Bowman created an app for her Official Black Wall Street platform that makes it easier to locate and shop at Black-owned businesses.