Family, Debt free

Black Americans Rate Success By Happiness, Homeownership, And The Ability To Provide And Be Debt-Free

Some marks of success Blacks specify for triumph can contribute to financial pressure for them.

While being armed with stacks of money is often regarded as a measure of financial prosperity, other means help bring a well-balanced life.

According to a Pew Research Center survey, most Black Americans cite providing for family, happiness, and being debt-free as top factors defining personal and financial success. The think tank surmised that 52% of the adults quizzed report owning a home and 50% using their talents and resources to help others are essential to their personal definition of success.

Though homeownership can be a wealth builder, it can lead to financial strain if a mortgage payment and other housing-related costs result in little left to pay other expenses or achieve your savings target.

Concurrent Financial Planning CEO Preston Cherry told CNBC that homeownership comes with more expenses than renting, and those costs should be considered. He stated those outlays include taxes, insurance, and down payment.

“Being ‘house poor’ doesn’t do much for you.”

Simultaneously, the Pew analysis surmised some activities Blacks use to achieve success also contribute to them realizing ample stress, particularly with personal finances. Some 71% say they face much tension to have adequate cash to do what they want, while 68% face the same on being able to care for their family.

Further, the survey revealed that Black adults with lower family incomes are more inclined than those with middle incomes or upper incomes to rate their personal financial situation negatively.

Blacks under age 50 are more likely than those 50 and older to assess their financial situation that way, while 64% of Blacks overall concur with that sentiment.

The survey showed Black Americans are pessimistic about their finances even as conditions like the nation’s economy improved and inflation reduced. The report indicated too that many Black households are not equipped to rebound quickly if their primary income source is abruptly cut.

A majority of Black adults endure at least 1 of 8 financial fears roughly daily. For example, around 31% worry about paying bills, 29% worry about the amount of debt they have, and 28% worry about being able to save enough for retirement. Still, earlier Pew research disclosed that Black adults remain upbeat about their future finances.

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