LIMRA Secure Retirement Institute (LIMRA SRI) has published a new survey report, “Black Americans and Retirement Planning: Bridging the Advice Gap,” exploring black American’s perceptions and preferences around financial advisers.
According to LIMRA SRI, black Americans are a little less likely than the general U.S. population to be working with a financial adviser, at 33% versus 37%. In addition, LIMRA SRI’s survey data suggests black Americans with a financial adviser are less likely to consult their adviser before making financial decisions about their retirement. In general, LIMRA SRI says, black Americans are more likely to first consult immediate family members for financial advice.
The survey report says four in 10 black Americans feel they don’t have enough money to work with a financial adviser. According to LIMRA SRI researchers, black Americans “show a greater willingness than the general population to learn more about products and services that can help manage their financial priorities, and enhance financial security.”
When it comes to life insurance, the LIMRA report says there is only a minimal difference in ownership. Sixty percent of black Americans own life insurance, compared with 59% of all Americans. Additionally, the research found that there was no difference (both 68%) between black Americans and all Americans when identifying with the sentence, “I personally need life insurance.”
The LIMRA SRI study suggests that overall, black Americans feel less financially secure compared to all Americans. About half of all Americans feel financially secure, while only four in 10 black Americans reported feeling that way.
LIMRA SRI research reports can be accessed here.