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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.

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