Speak Out!
A Troubling Racial Split
Mon, 11/12/2007 - 17:07 | Wealth
A Washington Post article addresses the issue of the differences in how people of color are preparing for retirement:
Employers have begun to find troubling racial differences within their 401(k) plans, a gap they say could leave black workers far less financially prepared for retirement than whites. "There are clear differences between blacks and whites: How we think about money, where we save and invest our money, what we do with our money, and how we're influenced as to what we do with our money," said Mellody Hobson, president of Ariel Mutual Funds.What has to happen to get more Black workers to participate in company retirement plans?
Doing What's Right
Comments
Increase wages. Most Blacks
Increase wages. Most Blacks are living from paycheck to paycheck, any change in their income whether it is to save for the future or pay an outrageous light bill. This makes it complicated to even think about saving for the future. Most Blacks are hanging by a thread between poverty and homeless. How can you think about the future when you are trying to make it right now?
have to be informed, a
have to be informed, a company need to value their hired help with dignity & integrity. more Jail time for those that steal others retirement plans as in the past because time was less then what you might get for petty or grand larceny.
I am a retirement planner and
I am a retirement planner and there is definitely a racial split, but also a gender issue. My black female clients have barely, if at all, any money invested in their 401(k)plans as opposed to my black male clients. Are you Fit To Be Prosperous? www.fittobeprosperous.com
Hire more of them.
Hire more of them.
Make signing up to a 401k
Make signing up to a 401k plan mandatory!
We must be educated about
We must be educated about investments. It can be done through church, school, television adds, etc. There are many vehicles
that can be used to educate the black community about the need to invest.