African-Americans "Disadvantaged in Every Area of Personal ...

Now that two biggest days for consumer spending, Black Friday and Cyber Monday, are over, finance website Online Loan 24 is taking some time to look at African-American spending, savings, and overall buying power.

Online 24 put together an infographic, entitled, ?African-American Personal Finance: Down, Not Out?:

Most depressingly, the infographic highlights that African Americans are ?disadvantaged in just about every area of personal finance.? The creators of the infographic used two major reports -?Nielsen?s??The State of the African-American Consumer??and Prudential?s??The African American Financial Experience?? ? to reach that conclusion.

The report also notes that there is an information deficit among African Americans, many of whom don?t know that they can order a credit report for free.

Most striking of all, though, was the statistic showing that 54 percent of blacks have no savings at all, compared to only 27 percent of whites who have no savings. This aligns with a previous study?which revealed that the median wealth for single black females was a paltry $100.

However, we should note that even though ?buying power? is often used as a metric, it shouldn?t be interpreted as encouragement to spend, since it was buying and spending which led many African- Americans into a financial hole. African-Americans would probably benefit from spending more time focusing on building wealth, and less time fighting crowds to get their hands on deals. If this Great Recession has revealed anything at all, it?s that consumerism is not the path to economic security.

Source: http://www.yourblackworld.net/2012/11/black-news/african-american-spending-down-but-not-out-say-finance-experts/?utm_source=rss&utm_medium=rss&utm_campaign=african-american-spending-down-but-not-out-say-finance-experts

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