X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO – A steady increase in the number of African-American investors owning stock has reached record levels, according to a recent survey from Ariel, a money management company and stock brokerage Charles Schwab. In 2003, 61% of African-American households with incomes over $50,000 owned stock. In 2002, that figure was 74% and currently stands at 68%, the seventh annual Black Investor Survey revealed. The litany of mutual fund scandals have taken their toll on how African-Americans have invested, In 2001, considered to be a peak year for mutual funds, 32% said they considered those investment products the best type. That percentage has since dropped to 21%, according to the survey. Among white investors, the decrease was 41% in 2001 to 30% today. Thirty percent said they believe market timing is essential for successful investing compared to 15% of whites. Other key findings from the survey showed that African-Americans were more likely to talk about family concerns with finances. Sixty-seven percent of those surveyed said they were more likely to talk to their children about money compared to white parents, the survey said. More also expect to support elderly parents compared to whites and the majority agreed that having a college education is the key to financial success.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.