NEWARK, NJ, December 11, 2018 – Bright spots and areas of optimism exist within traditionally disadvantaged groups in the face of income inequality, pension insecurity and household debt, new data from Prudential Financial, Inc. (NYSE: PRU) reveals. The in-depth exploration of data from Prudential & # 39; s Financial Wellness Census ™ highlights the dramatic differences in the experiences of diverse populations within the US, many of whom were disproportionately affected by the 2008 financial crisis.
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The report, "The Cut – Exploring Financial Wellness Within Divers Populations," is based on a survey of more than 3,000 American adults and examines the financial lives of a diverse group of Americans: women, black Americans, Latino Americans, Asian Americans, caregivers , and the LGBTQ community.
“Resilient and diverse communities are the foundation of a stable and strong economy. Their progress makes our progress possible, & # 39; & # 39; said Judy Dougherty, Prudential's financial welfare officer. “This new analysis provides a layered portrait of Americans' financial lives, revealing factors that underlie and sometimes hinder our ability to achieve financial security. These insights are critical to Prudential's businesses and are the foundation of our efforts to develop products and services that help more Americans improve their financial health. "
The data shows challenges and opportunities
The research describes the wide range of outcomes, experiences and attitudes among traditionally disadvantaged communities. For example:
- Due to significant margins, black Americans at all income levels are more likely than the general population to prioritize helping others financially: caring for parents or other family members, providing tuition for their children, helping children with a down payment for a house, leaving a home. inheritance to their heirs, and give to charity.
- The median annual income for women in the study was $ 52,521, compared to $ 84,006 for men – women reported making about 63 cents for every dollar that men earned. In addition, 54 percent of all women indicated that they were the main breadwinner in their household, regardless of composition.
- Thirty-eight percent of caregivers in the study don't think they can ever retire, compared to only 25 percent of non-caregivers. While caregivers for special needs children were as likely as other caregivers and non-carers to have a defined contribution retirement plan, they were also most likely to take out a loan or to have a withdrawal from hardship.
“The journey to financial wellbeing is very personal,” said Lata Reddy, Prudential senior vice president of Diversity, Inclusion & Impact. “While there are common experiences that connect us all, there are also several factors unique to our individual journeys that affect the final destination. These factors must be clearly understood in order to make real progress. The first step is to actively listen to the voices in our communities, and it is in that spirit that this research has been conducted. "
For more information, view the full report "The Cut – Exploring Financial Wellness Within Divers Populations". Prudential has also created a three-minute self-assessment to enable individuals to discover where they stand on their own personal path to financial well-being. To create the financial wellbeing assessment and explore a visualization of the data, go to prudential.com/stateofus
Prudential Financial Wellness Census Methodology
The Original Financial Wellness CensusTM was conducted by Prudential's Decision Insights Group and Chadwick Martin Bailey in the United States between September 20 and October 9, 2017, among a nationally representative sample of 3,013 American adults aged 25-70 years. For full survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected]
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $ 1 trillion in assets under management as of September 30, 2018, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional clients grow and protect their assets through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and asset management. In the US, Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for over a century. Visit news.prudential.com for more information.