African American
Business Facts

African American families are not prepared for a financial emergency.

  • African American families are the least prepared for a financial emergency, with 33% having less than one month of expenses saved.
  • Just one in five African American families have set aside money to cover more than six months of expenses.
  • African American families are more likely than any other group to carry high debt balances.
  • Nearly 70% have credit card debit.
  • Almost half are paying student loans.
  • 79% say paying down debt is a high priority.

There is a strong need for financial education among African Americans.

  • In terms of getting educated about finances, 40% rely on family members for information.
  • Two thirds are not confident they are financially prepared for their retirement.
  • About one third have an actual plan in place.
  • Nearly a third worry they will outlive their retirement savings.
  • 6% of African Americans already plan to work part time during retirement.

Source: massmutual.com, “the 2018 State of the American Family Study, Insights from African American Families – Executive Summary,” 2018