Study: Recession tougher on black middle class
Nearly half of all blacks making at least $50,000 a year dipped into savings and retirement accounts over the past two years, compared with 31 percent of whites...
From AOLNews
Middle-class black Americans dipped into their retirement accounts to stay afloat during the recession at a higher rate than their white counterparts did, broadening the “retirement gap” between whites and African-Americans, according to a new study.
Nearly half of all blacks making at least $50,000 a year dipped into savings and retirement accounts over the past two years, compared with 31 percent of whites, according to the 2010 Black Investor Survey commissioned by Ariel Investments.
Despite the financial hit, African-Americans reported being more confident about the financial future than whites. Three out of four blacks said they were “hopeful” about the economy, compared with four out of 10 whites. Similarly, just under half of whites said they were optimistic their financial situation would get better next year, compared with two-thirds of blacks.
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