Survey: Blacks save much less in retirement plans

October 15, 2008 6:31:20 AM PDT
A survey being released tomorrow shows that in the midst of historic volatility on Wall Street there is a continuing trend of blacks saving and investing less than whites. The difference is attributed to various social and cultural reasons such as getting less exposure to personal finance concepts and advice.

The poll by Ariel Investments LLC and the Charles Schwab found that 62 percent of the blacks surveyed own stocks or mutual funds, lagging the 82 percent of white respondents who said they do.

Executives at Chicago-based Ariel Investments, an African-American-owned investment management firm and mutual fund company, said black stock ownership remains a weak spot as it has been throughout the 11 years the company has been sponsoring the annual survey.

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