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 ...
“Da white man ain’t gonna let you do nuthin, be nuthing, go no where, whitey gonna keep you down”
That is a direct quote from a black man (to me) as told to him by his grandmother.
One of the gals I work with (when she works) lives in a brand new (tax payer funded) home, is on welfare, just had her second kid and is going to the Bahamas on vacation in a few weeks.
Today those areas are controlled by the Gangs. Do not return for a visit.
“And don’t expect me to pay for the improvidence of others, Zero.”
They not only expect, they absolutely KNOW that either you or your children will pay - you are the Ant, as they play the grasshopper.
The best predictor of future behavior is past behavior so they know the gooberment will come through with free phones, free food, free education, free child care, free housing and drug companies will continue with the “if you can’t pay we will just charge everybody else more” crap they advertise.
I really think secession fever will sweep the land as Mexifornia and the NE devolve further.
. . . (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.)
I wonder what are the West Indian and African immigrant savings rates. While I doubt they broke out those groups I bet they come closer to white savings rates.
One of my favorite demographic studies. I wish they’d do more of these.
Good point! The same goes for asians; there are enormous differences between the cultures in Seoul versus Manila.
I can only imagine what the Blue Book value of that thing is after all those “upgrades.”
***You will see a long line of black males cashing out their paycheck. Not, depositing it.****
Years ago at the steel company I worked for, every payday there would be a fancy automobile pull into the company parking lot. Many of the Blacks would line up and cash their checks right there (for a “small” fee). No banks needed.
As for long term goals...Many of the young blacks (and a few whites) would work hard for about three or four months, save every penny the earned, then quit, and party till the money was gone.
Then they would be back begging for any job again.
Why don’t blacks save more?
Daniel Tosh Is It Racist - Tosh.0
http://www.youtube.com/watch?v=tU5KJt-NgVA&feature=player_embedded
It could of course be the evil white man’s fault too.
The answer is simple: They are poor in spirit. Poverty isn’t about money its about the way you look at life. Poor people think of the moment—when they have money they spend it on things they believe will make them happy—and it does for a few days—a new car, stero system, big screen TV set, Tennis shoes, etc... They try to buy happiness. It never works—and this makes them feel bad so they want more junk. They only think 3 days in advance. this isn’t a Black thing—all poor people do this. Rich people can defer purchases in hopes of bettering their lot—they will struggle for the now—to invest in the future. (some don’t—like the spoiled children of the rich or rock stars) But they are future thinkers. Give a rich man down on his luck a computer and he will use it to start a business—give a computer to a poor man and he will just look up porn.
Years ago there was a decent body of research on the trait of future orientation. These days hardly anyone would dare propose, let alone find funding, for this kind of research.
It IS hard to save. And their reasoning is “why do something hard” when I’m not gonna be around long enough to benefit from it? I mean, it’s not just the young who say this; it’s even middle aged people.
Again, that’s why I said I’d prefer they would be private accounts.
We all marveled (rightfully) earlier this week at the man who passed away in Montana at 114 years old. If he retired at 65, that means he was on SS for nearly 50 years. He had to be close to 40 when SS was passed, so it looks like he paid into the system for 20 years.
That kind of math gets a program bankrupt pretty quick.
No, that is not their reasoning. A filthy, lazy bum does not need a melodramatic reason for being a filthy lazy bum.
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