study finds African-Americans rely on Internet, media for investment
(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
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
"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
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
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.
Go to Target Market News homepage
Commonground makes its debut as agency for Illinois
Lottery with Super Bowl spot
Don Cornelius remembered for changing the image and
course of blacks in television
National survey asks African-Americans what's
missing from their TV choices
"Soul Train" creator Don Cornelius found dead at
his Sherman Oaks, Calif. home
Melissa Harris-Perry is latest addition to
African-American hosts on MSNBC
Al Wellington, pioneering researcher of African
American consumers, dies at 63
Nationally syndicated Cafe Mocha Radio signs
agreement with Cumulus Media
Amtrak renews agency assignment with IMAGES USA for
three more years
Wall St. Project Summit hosts public panel to
examine state of media ownership
ASALH issues call for entries for Black History
Month luncheon ad showcase
Pepsi Beverages to pay $3.1 million to settle
federal racial discrimination suit
Click here for
more recent news stories and our news archive
Return to top of page