Lincoln Financial Group research also finds
Black Americans are the most likely demographic to prioritize
financial goal setting, prompting tips to help build wealth
The pandemic’s onset in the U.S. has surpassed the two-year mark
and the crisis has had long-term effects on financial attitudes and
behaviors across various demographics—including a few silver
linings. According to Lincoln Financial Group’s (NYSE: LNC) 2021
Retirement Power® study, Black employees are more likely than the
total population to report the pandemic caused them to re-evaluate
what matters most to them financially (55% vs. 44%). And among
those who re-evaluated what's important to them, more than a third
(34%) say they have a new attitude about money and place a greater
value on their personal finances.
Putting finances first “COVID-19 created financial
challenges in many segments of the population, but our research
underscores that Black Americans have been most impacted and are
looking for solutions to help them achieve positive outcomes for
the future,” said Ed Walters, senior vice president, Chief
Operating Officer and Head of Wealth Management for Lincoln
Financial Network. “By focusing on their wallets and financial
planning, Black Americans will be in a stronger position to not
only weather the next crisis, but to also build generational
wealth.”
Lincoln’s data went on to reveal that although 93% of Black
workers reported having two or more competing financial priorities,
they are the most focused of any demographic on setting financial
goals, which is a key first step toward financial security. Almost
half (45%) reported setting a budget for expenses this year,
compared to 34% of the total population, and they also lead in goal
setting for the following areas:
- Retirement savings (40% vs. 33%)
- Debt repayment (46% vs. 36%)
- Other savings priorities (40% vs. 31%)
While it is good news that Black employees recognize the need to
set goals and prioritize their finances, debt is one area that
remains an ongoing concern. Lincoln’s Retirement Power® research
showed that Black employees are more likely to view debt as a
problem than the total population (85% vs. 73%).
“At Lincoln, one of our top priorities is financial security,
which is why we partner with community organizations to provide
knowledge, tools and access to guidance that empowers people to
feel more confident about their finances,” said Kameka Grady,
assistant vice president, Marketplace & Community Diversity for
Lincoln Financial. “Each demographic has unique priorities. As
such, Lincoln partners with industry peers, personalizes its
education and resource offerings to meet the needs of the diverse
communities we serve, including Black consumers.”
Supporting community needs In September 2020, Lincoln
Financial Group announced its action plan to amplify the company’s
ongoing commitment to diversity and inclusion and drive meaningful,
measurable change. As part of that long-term plan, Lincoln
Financial Network (LFN), the retail wealth management arm of
Lincoln Financial Group, launched its African American Financial
Professional Network (AAFPN) that is designed to support advisor
development efforts, attract more Black financial professionals to
LFN, and to help define new strategies for supporting multicultural
clients.
Additionally, Lincoln’s AAFPN recently announced a unique
partnership with Changing How Individuals Prosper (CHIP)
Professionals, which provides access and opportunity to Black and
Latino financial professionals and consumers by using CHIP’s online
platform to easily match consumers with financial professionals who
can help support their financial goals.
“According to the 2021 Multicultural Report from the University
of George’s Selig Center for Economic Growth, the spending power of
Americans of African descent increased to over $1.6 trillion
dollars,” said Carl Myers, who is a board member of the AAFPN, as well as a registered
representative of Lincoln Financial Securities and a financial
professional with WealthPlan Financial Group. “That’s great news!
As a result, we must continue to focus on important financial
actions like saving and investing, owning a home, purchasing life
insurance, improving our credit scores, establishing a will and
owning successful businesses.”
Taking steps forward Myers recommends three tips to help
Black consumers and all Americans build wealth, especially during
these times of high inflation:
- Create a budget. Review your current income and
expenses, while seeking ways to reduce discretionary spending on
items like dining, traveling, clothing and entertainment. Create a
simple budget so you can prioritize increased savings and
retirement contributions to strengthen your financial future. Take
advantage of any online budgeting tools and worksheets to
help.
- Lower your interest rates. As part of a holistic
financial plan, identify ways to reduce interest rates on your
vehicle loans, home mortgages and credit cards. This can have a
direct impact on your ability to contribute more towards your
long-term financial security, such as retirement planning, life
insurance, college funding and long-term care. The results of your
efforts can provide peace of mind and financial security for your
family during unforeseen life events.
- Meet with a financial professional. Financial planning
revolves around you and your family’s financial philosophy and
vision. As part of the process, a financial professional can help
identify your needs and objectives, as well as evaluate your
current situation. For example, seeking additional income sources
might be one recommendation to help strengthen your finances.
Trusted advice can help inform financial decisions and create a
legacy for the future.
For more information, tools and resources, visit
www.LincolnFinancial.com.
About the 2021 Retirement Power® Study The 2021
Retirement Power® Study was conducted by Greenwald Research on
behalf of Lincoln Financial Group, who has been measuring consumer
perspectives on retirement via the Retirement Power® research
program since 2012. While prior years of the study focused solely
on plan participants, the 2021 research surveys all full-time
workers who are eligible to contribute to an employer-sponsored
retirement plan. This includes both “Participants” and
“Non-Participants,” the latter being those who are offered a
retirement plan at work but do not participate. Information for
this study was gathered through an 18-minute online survey with a
total of 2,535 full-time workers, including 2,030 Participants and
505 Non-Participants. Respondents for the survey were recruited
through the Dynata online panel. Online interviewing took place
from February 19 to March 18, 2021. Quotas were established by
generation (including Gen Z, Millennials, Gen X, and Baby Boomers)
and for Participants of certain ethnic/racial backgrounds to ensure
comparability and representativeness. The data are weighted by
gender, age, race/ethnicity, education, and
Participant/Non-Participant status to reflect the total population
of full-time workers. If this study were a random survey of 2,535
employed individuals in a retirement plan, it would have a margin
of error (at the 95% confidence level) of plus or minus about 2
percentage points.
About Lincoln Financial Group Lincoln Financial Group
provides advice and solutions that help people take charge of their
financial lives with confidence and optimism. Today, approximately
16 million customers trust our retirement, insurance and wealth
protection expertise to help address their lifestyle, savings and
income goals, and guard against long-term care expenses.
Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is
the marketing name for Lincoln National Corporation (NYSE:LNC) and
its affiliates. The company had $308 billion in end-of-period
account values as of March 31, 2022. Lincoln Financial Group is a
committed corporate citizen included on major sustainability
indices including the Dow Jones Sustainability Index North America
and FTSE4Good and ranks among Newsweek’s Most Responsible
Companies. Dedicated to diversity, equity and inclusion, we are
included on transparency benchmarking tools such as the Corporate
Equality Index, the Disability Equality Index and the Bloomberg
Gender-Equality Index. Committed to providing our employees with
flexible work arrangements, we were named to FlexJobs’ list of the
Top 100 Companies to Watch for Remote Jobs in 2022. With a long and
rich legacy of acting ethically, telling the truth and speaking up
for what is right, Lincoln was recognized as one of Ethisphere’s
2022 World’s Most Ethical Companies®. Learn more at:
www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn,
and Instagram. Sign up for email alerts at
http://newsroom.lfg.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220712005380/en/
Media Contacts: Holly Fair
Lincoln Financial Group 484-583-1632 Holly.fair@lfg.com
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