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Why donít blacks save more?
Reuters ^ | April 12, 2011

Posted on 04/16/2011 4:54:34 AM PDT by reaganaut1

Yet another survey confirms what we already know: Blacks don’t save as much as their white counterparts.

According to Prudential’s new study — the African American Financial Experience — 60 percent of African-Americans have less than $50,000 in company retirement plans and only 23 percent have more than $100,000. They’re also three times more likely to raid their 401(k) or other retirement plans to meet immediate financial needs, the study says.

Prudential’s findings echo research by Ariel Investments, which looks at middle class blacks. (According to Ariel’s July 2010 study, the median assets blacks have retirement plans is about half the amount that whites have accumulated: $56,000 compared to $106,000.)

This issue has not gone unnoticed in corporate boardrooms. One company that is trying to narrow the retirement savings gap among minority workers is McDonald’s, which uses some unconventional (along with very traditional) methods to get black and Latino employees to save for retirement.

(Excerpt) Read more at blogs.reuters.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: blacks; savings; wealthgap
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I think on average blacks are more short-term-oriented than whites (who may in turn may be more slightly more short-term than the Chinese). Don't expect a group having 2/3 of its children out wedlock to be prudent in other respects. And don't expect me to pay for the improvidence of others, Zero.
1 posted on 04/16/2011 4:54:36 AM PDT by reaganaut1
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To: reaganaut1

Uncle Sam is the ultimate Sugar Daddy.


2 posted on 04/16/2011 5:01:32 AM PDT by petercooper (2012 - Purge the RINO's.)
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To: reaganaut1

They’re culturally conditioned to be taken care of?


3 posted on 04/16/2011 5:02:34 AM PDT by Nonstatist
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To: reaganaut1

The right answer probably involves hapless relatives with heartrending pleas: “If I don’t get $800, I’m going to be throw out of my apartment. You’re making lots of money, can’t you help me?”


4 posted on 04/16/2011 5:03:29 AM PDT by proxy_user
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To: reaganaut1

Simple, no freebies if they have assets. In order to take full advantage of Obamas Stash they must be unmarried, unemployed, asset free, and as many illegit kids as possible.


5 posted on 04/16/2011 5:04:27 AM PDT by screaminsunshine (Shut up and eat your Beans!)
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To: reaganaut1

I’m sure if blacks weren’t discriminated against, all their children would be born within wedlock and their savings rate would match that of their oppressors...

This is the best exposition I’ve seen of the cultural deterioration that perpetuates the “disadvantages” blacks face in America:
http://www.associatedcontent.com/article/7889414/thug_spirituality_must_give_way_to.html


6 posted on 04/16/2011 5:04:55 AM PDT by DrC
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To: reaganaut1

because many black folks understand that their life expectancy is far shorter than white folks. This was told to me literally thousands of times when I worked on a charity project in the inner city. They simply do not believe they will be around long enough to “collect.”

This is one, of many reasons, that I’d like to see the Social Security system reformed.

It would be my preference that if a person dies before reaching the age of eligibility, that their contributions (with interest) should become part of their estate, in order to assist the next generation. Hence, it would require private accounts.

In short, black people tend not believe in long-term things because they don’t believe they themselves are long-term. They believe the fates will “get them” before anything else.

And no, I’m not kidding. Go into any urban area and ask.


7 posted on 04/16/2011 5:06:24 AM PDT by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: reaganaut1
Why don’t blacks save more?


8 posted on 04/16/2011 5:06:32 AM PDT by South40 (Evil is powerless if the good are unafraid. ~Ronald Reagan)
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To: reaganaut1
And don't expect me to pay for the improvidence of others, Zero.

Did you miss the pResident's last budget (campaign) speech?

I think the direction is clear.

9 posted on 04/16/2011 5:07:26 AM PDT by Aevery_Freeman (I wish that Obama were just the blithering idiot he seems - but he's not!)
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To: Nonstatist

Conditioned to think gov’t will take care of them AND have difficulty deferring pleasure. Hence all the poor, minority teenagers with spinner rims, gold teeth, etc.

When they receive their EIC check from the IRS they almost always spend it on “toys” instead of saving for the inevitable rainy day.

Remember the photo of the woman in Macon who was whining about not being able to pay her electric bill while standing in front of a GIGANTIC, big screen TV and expensive video game set-up?


10 posted on 04/16/2011 5:08:12 AM PDT by Josa
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To: reaganaut1

Lack of impulse control.


11 posted on 04/16/2011 5:08:32 AM PDT by riri
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To: reaganaut1

As Celine Dion said after Katrina...”can you blame them for wanting things they can’t afford”? (after photos and film were shown of the looting)


12 posted on 04/16/2011 5:09:36 AM PDT by albie
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To: reaganaut1

Some time back I got into a discusion with a union lackie cable splicer.He was ranting about the CEO being worth mega bucks....I asked if he was in the 401K as I am and I told him maybe he will have a mill some day....He kept up the lib talking points and finally said,”No,I cant afford it with the kids and all”....I asked him how much that pack of KOOLS cost he had in his pocket and the cost of the 6-pack he grabs every night on the way home......The discusion ended there with him calling me names etc....I left.


13 posted on 04/16/2011 5:14:02 AM PDT by CGASMIA68
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To: reaganaut1

Go to any bank on pay day.

You will see a long line of black males cashing out their paycheck. Not, depositing it. Perhaps, its a cultural thing where they do not trust banks or just like to have a big role of cash to flash.


14 posted on 04/16/2011 5:15:30 AM PDT by WaterBoard
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To: proxy_user

There’s nothing wrong with private charity and requests for same, but that’s not what’s going on. The hapless relative in this case has government force you to pay the relative’s rent, medical care, food, education, utilities, etc. Even so, all this might be OK if “donating” your hard earned pay didn’t take away your incentive to earn more. Unfortunately, your relative is either unconcerned or unaware that socialism eventually creates a much smaller pie for everyone, including them. Their immediate needs and wants reign supreme, and after all, what’s better than receiving “free” stuff???


15 posted on 04/16/2011 5:15:31 AM PDT by CitizenUSA (Coming soon! DADT...for Christians.)
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To: South40

Dayum.


16 posted on 04/16/2011 5:18:53 AM PDT by fieldmarshaldj (~"This is what happens when you find a stranger in the Amber Lamps !"~~)
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To: reaganaut1

In primitive societies, it takes a village.

If you live, the gang will provide


17 posted on 04/16/2011 5:20:46 AM PDT by bert (K.E. N.P. N.C. D.E. +12 ....( History is a process, not an event ))
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To: CitizenUSA
I am in my 50's and grew up i Tampa, Florida.

We have areas in town that were black residents and they had nice Caddy's in the driveway.

Knowing my age its was the 60's and LBJ had just written the breakup of the black family in his Great Society.

Bush tried like hell to explain that under his SS the Black population would build up an inheritance and was told we already setup up the Plantation.

As Thomas Sowell puts it only a few blacks lived to 62 when SS was setup so that Roosevelt stole from the blacks.

18 posted on 04/16/2011 5:23:21 AM PDT by scooby321
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To: reaganaut1

the average IQ of African Americans is 85; Latinos 89; Whites 103; Asians 106; and Jews 113.

http://en.wikipedia.org/wiki/The_Bell_Curve

Let me state the above information tells us nothing about the individual.


19 posted on 04/16/2011 5:26:33 AM PDT by Fzob (In matters of style, swim with the current; in matters of principle, stand like a rock. Jefferson)
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To: reaganaut1

Having a white dude typecast as Santa Claus was not a good idea to teach to the children.


20 posted on 04/16/2011 5:27:56 AM PDT by The_Media_never_lie
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