Could black women be victims suffering from media images to seek luxury lifestyles they can not afford? Certainly, the luxury lifestyles reflected in the Hip Hop cultural is not a reflection of the economy for the average American. However, a new report from the ING Foundation reveals that black women have a serious spending problem! So bad that black women reportedly buy what they want no matter how bad or good the economy is.
Support of Others – Family, Friends and Church – Complicates Savings:
— 47% of Black Women Say It is Difficult to Have Desired Lifestyle
Because of Financial Obligations to Their Immediate Family
— More Than a Third Have Loaned Over $1,000 to Friends or Family in Last
Year
— 71% Say It’s “Very Important” to Give Money to Their Place of Worship
… And Spending Doesn’t Help Matters:
— 68% of Black Women Buy What They Want in Good or Bad Economy
— 41% Feel Guilty About How Much They Spend on Expensive Brands
Two in Five Report Total Savings of Less than $10,000
But Growing Interest in Saving and Investing Combined with Interest in
Influencing Others and Learning New Things Augur Well for the Future
ING Foundation President Says Financial Services Industry Has “An
Opportunity and Obligation” to Help
— Most Black Women Manage the Investments for Their Households
— Black Women Worry More About Their Finances Than Their Health,
Appearance, Job or Relationships – But Nearly 70% Don’t Have a
Professional Financial Advisor
— Most Are Willing to Pay for Financial Advice
— Nearly Nine in 10 Say Race Doesn’t Matter When Selecting an Advisor