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Target Market News has introduced Black Business Chicago, a new monthly which will spotlight news and features on Chicago's African-American businesses, corporate executives and local economic issues. The publication will also be supplemented by a Web site, blackbusinesschicago.com, that will provide updated coverage of relevant business news on a daily and weekly basis between issues of the monthly print publication. Click for more ____________________________________

Buying Power report: Blacks spend as economy grows
New 16th edition shows $507 bil in spending



The finding comes from the 16th annual edition of "The Buying Power of Black America" report. In 2009, black households spent an estimated $507 billion in 27 product and services categories. ...

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ING study finds African-Americans rely on Internet, media for investment info

(February 3, 2012) ING U.S. released key findings today from a comprehensive study commissioned by the ING Retirement Research Institute that examined the attitudes, behaviors and preparedness of different ethnic groups, including African-Americans, Asians and Hispanics, regarding their future retirement.  The research showed that while Americans of all backgrounds encounter similar barriers to saving and planning, cultural differences account for disparate experiences among the groups.

To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/54466-ing-study-cultural-influences-impact-retirement-planning-decision-making

According to the study, Retirement Revealed, all populations found retirement planning to be a daunting task.  However, ING's research showed that Hispanics feel the least prepared, with 54 percent indicating they feel "not very" or "not at all" prepared.  This compares with 50 percent of African-Americans, 48 percent of white and 44 percent of Asian respondents indicating that they don't feel prepared. 

These feelings correspond with the amount saved in employer-sponsored retirement plans, where Hispanic respondents reported having the lowest average balances ($54,000) in their retirement plans.  This amount was considerably less than the average balance across all groups ($69,000).  In contrast, Asian respondents reported having the highest average plan balances ($81,000).

"All Americans face the growing responsibility of planning and saving for retirement.  However, there are distinct cultural differences that may affect some groups more than others when it comes to getting or staying on the right path," said Maliz Beams, CEO of ING U.S. Retirement.  "As a leading retirement provider at the workplace and in the retail market, our mission is to help individuals retire with the dignity and financial security they deserve.  Our goal is to take the important cultural reference points from this study and turn them into customized solutions that help all our customers become better prepared -- regardless of their background."

Other key findings from the Retirement Revealed study include the following:

Non-whites were more likely than whites to get their investment information and guidance from the Internet and media.  African-Americans (54 percent), Asians (53 percent) and Hispanics (50 percent) indicated that the media and Internet were the primary source of getting advice and guidance compared to 45 percent of white respondents.
Whites were more likely to use a financial professional. 

Nearly one-in-four African-Americans (23 percent) have life insurance coverage equal to four to five times their salary, higher than the total population (18 percent).  This corresponds with African-American respondents indicating that they were the most likely to leave life insurance proceeds to their heirs (70 percent vs. 53 percent of the total sample).
More than six-in-10 (63 percent) of African-Americans cite reducing debt as their most important short-term financial goal.
Hispanics are the most likely (57 percent) to want more education about investments and retirement options from their employer, compared to all respondent groups (47 percent).

For additional information on the ING's Retirement Revealed study and to read the report, visit http://ing.us. Findings are from an online survey conducted by ORC International during the period of Oct. 5-13, 2011.  Respondents were 4,050 adults (including 500 African-Americans, 500 Hispanics and 350 Asians) between the ages of 25 and 69 who are employed full-time with an annual household income of $40,000 or greater.  Data were weighted to make the results representative of the U.S. population.
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