February 9, 2024
Tips To Help 60% Of Black Americans Fearing A Recession To Prepare
Some 60% of Black Americans worry there will be a recession and 52% say they would lose everything if there was one.
Some 60% of Black Americans worry there will be a recession, and 52% of them say they would lose everything if there was one, versus 48% of all respondents. In addition, 92% of Black Americans are preparing in some way for a recession. That could be burdensome, as 66% of Black Americans report that they live paycheck to paycheck.
Also, people may be looking for Taylor Swift at the Super Bowl, but Black Americans are convinced that President Joe Biden does more to help the economy than the superstar singer.
Just 30% of Blacks think Swift did more to assist the 2023 economy than Biden. Still, 50% of all Americans believe Swift does more for the economy. It’s not known yet if Swift will be at the mega-game on Feb. 11 in Las Vegas to support her boyfriend, Travis Kelce of the Kansas Chiefs, as his team faces the San Francisco 49ers.
Swift’s name surfaced in the aforementioned study, commissioned by Clever Real Estate, that asked 1,000 Americans their views on the economy this year. New data was supplied on Black Americans to get their economic outlook and expectations.
In addition to the 60% of Black Americans who worry there will be a recession, 60% of Black Americans struggle to afford everyday expenses, as opposed to 56% of all respondents. And 70% of Black Americans fear that prices will continue to rise in 2024. As such, 74% believe the government should do more to help the public afford goods and services.
Jaime Seale, the study’s author, explained that Black Americans may have greater fears of a recession because the last major recession, in 2008, hit Black families and other minorities particularly hard. Seale said one reason was because much of their wealth was tied up in the housing market that burst.
“When communities have less wealth, they’re more vulnerable to economic downturns and it may take them longer to recover financially,” she explained.
To prepare for a recession, Seale suggested that Black Americans start an emergency savings fund or start contributing more to the emergency fund they already have. This will help them afford necessary expenses and give them peace of mind in case they unexpectedly get laid off, for example, or lose money from an investment.
When the economy is struggling, Seale advised consumers to avoid taking on more debt or becoming a loan co-signer for someone else. Instead, they should focus on paying off their existing debt and evaluating where they can cut costs from their everyday expenses.
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