New Survey Shows African Americans Open Their Wallets for Family and Friends Despite Daily Financial Concerns
A recent survey conducted by Massachusetts Mutual Life Insurance Company (MassMutual) reveals that African Americans are significantly inclined to prioritize community involvement, viewing it as integral to their overall well-being. This sense of community often begins with family and friends, extending into financial support systems.
The research indicates that nearly half (48 percent) of African Americans contemplate their financial well-being on a daily basis, surpassing any other racial group surveyed by MassMutual. This demographic is more proactive in managing their finances, frequently tracking spending, adjusting budgets, and monitoring progress toward financial goals compared to their Caucasian peers.
Financial Support and Community Involvement
Despite their financial concerns, an overwhelming 90 percent of African Americans believe in the importance of supporting one another. More than 60 percent have provided assistance to someone in their community facing financial difficulties, while nearly a third (32 percent) have received support themselves during challenging financial times.
MassMutual’s survey aims to explore the relationship between community involvement and financial well-being. It highlights that while African Americans and Caucasians report similar levels of anxiety regarding their financial situations (39 percent versus 38 percent), their perspectives on community involvement and financial support differ markedly.
Historical Context and Cultural Significance
Evan Taylor, the African American market director at MassMutual, emphasizes that throughout history, African Americans have often depended on one another for survival. This reliance fosters a culture of mutual support, particularly among family and friends, which is deeply embedded in the community. The survey reveals that 80 percent of African Americans view community involvement as crucial to their overall well-being, in contrast to only 66 percent of whites.
When defining their communities, respondents identified family, friends, and schools as the top three elements, followed by religion, children, work or professional networks, and local regions. Taylor notes that these findings reflect the philanthropic role finances play in their lives and highlight the potential for adopting new financial habits that can benefit the wider community.
The Need for Open Dialogue About Finances
Another noteworthy finding from the survey indicates that African Americans are less likely than their Caucasian counterparts to share financial information, with only 32 percent doing so compared to 55 percent of whites. This gap suggests a critical need for open discussions within African American communities regarding financial literacy and strategies for building generational wealth, which can ultimately contribute to long-term community resilience.
The MassMutual survey serves as a reflection of the company’s philosophy that fostering mutual support enables individuals and communities to thrive together. For those interested in enhancing their community involvement and financial literacy, MassMutual offers various resources, including educational materials and access to financial advisors.
Methodology
The survey was conducted by PSB from September 7 to September 28, 2017, using a nationally representative sample of 10,000 U.S. adults aged 18 and older, including 720 African Americans. The results are representative of various demographics, including age, gender, race, ethnicity, and education.
About MassMutual
MassMutual is a prominent mutual life insurance company dedicated to serving its members and policy owners. The company provides a diverse array of financial products and services, encompassing life insurance, disability income insurance, long-term care insurance, annuities, retirement plans, and other employee benefits. For more information, visit www.massmutual.com.
