HOMESTATS | PUBLICATIONS | REGISTER | ADVERTISE | ARCHIVE | ABOUT US | CONTACT US



 Search the Archives of Target Market News
____________________________________

NOW FOLLOW US ON

 
Get Target Market News alerts and stay connected to others in the marketing, media, research and public relations industries

Target Market News covers
Chicago's black businesses


Target Market News has introduced Black Business Chicago, a new Web site and publication  which will spotlight the latest news and information on Chicago's African-American businesses, corporate executives and local economic issues. Now there is one source to learn about the Who's Who in the nation's capital of Black-owned business, BlackBusinessChicago.com. 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. ...

Story continued...

______________________

STAY IN-THE-KNOW!
Are you getting the latest industry news when it happens via e-mail
?

 

Click here for free daily delivery of the Target Market News Bulletin
You'll receive news of breaking stories, exclusives, updates and headlines on the latest developments in African American marketing and media





























































































































































 

State Farm study reveals different attitudes on financial security by women of color

(March 15, 2013) A newly released study from The State Farm Center for Women and Financial Services at The American College shows how differently women of color gauge their financially security compared to women in the general population.

The pressure to pay off debt amid the challenge of meeting their own and their family's immediate needs are key challenges preventing many women of color from saving and building cash reserves.

These trends are common among the general population of women who, despite using a variety of approaches to meet their financial goals, still don't feel financially secure. The report titled "Survey on the Financial Needs & Attitudes of Women of Color" polled 3,000 Asian, Hispanic and African American women ages 25 to 75, along with a comparison group representative of women in the general public.

"Our research uncovered the key roles a systematic savings plan and cash reserves play in the financial security and stability of women of color," said Professor Mary Quist-Newins, Director of The State Farm Center for Women and Financial Services at The American College. "Women don't need to choose between saving and paying off debt -- they must do both to build a stronger and brighter long-term financial future for themselves and their families."

The lack of cash reserves exists across all income levels, hitting middle-income households the hardest. The survey found the presence of cash reserves are generally correlated with income and women who reported annual household earnings of more than $80,000 are more likely to have these funds.

How secure do you feel in your current financial situation?



Among the noteworthy findings on African American women were these:

While African American women report feeling the least financially secure, they are also the most hopeful about the future. Only 18 percent of African American women with incomes of $45,000 to under $75,000 feel extremely or very secure, significantly less than the average American women in the general population, who are predominantly Caucasian (26 percent) or Asian women (28 percent) with the same income.

Yet, 74 percent of African American women expect a brighter financial future as compared with 56 percent of women in the general population, 48 percent of women in the Asian population, and 62 percent of women in the Hispanic population.

To determine their economic priorities, respondents are asked to rank the importance of a wide range of financial issues:

Debt: The need to reduce debt trumps other financial goals, including saving in general and for retirement. Overall, three--
quarters of women say reducing or eliminating debt is a high priority, and this is most often named the top priority by women of all racial or ethnic backgrounds.

African American women (83 percent) are more likely than Hispanic (78 percent) and Asian women (70 percent) to call dealing with debt a high priority.

The proportion of African American women citing this as a priority is high, even among those with incomes of $75,000 or more (85 percent).

Retirement: Following closely after debt reduction, nearly three in four women say investing for retirement is a high financial priority.

African American women (74 percent) were more likely to place an emphasis on retirement savings than women in the general population (predominantly Caucasian, 73 percent).

Cash Reserves: A majority of women report that they are focused on saving for an emergency and growing their cash reserves.

More so than women overall, African American (79 percent) and Hispanic (75 percent) women say that one of their high priority goals is simply to build up their general cash reserves. These differences are evident regardless of income level.

Protection Planning: Few view adequate insurance coverage as their top priority, but about six in ten women agree that having enough insurance to protect what is important to them and their family is a priority.

African American women (67 percent) are particularly likely to report that having adequate insurance is a high priority for them, driven largely by those with incomes of $45,000 to $75,000 who feel this is important (65 percent) and those ages 55 and older (77 percent).

The survey was conducted by independent market research firm Mathew Greenwald & Associates, Inc. on behalf of The American College’s State Farm Center for Women and Financial Services. Responses were gathered through an online survey with a total of 3,000 women, including 2,250 interviews with Asian, Hispanic and African American women, plus a comparison group representative of 750 women in the general public.

All of the participants selected were ages 25 to 75 with household income of at least $45,000. Interviewing took place September 4 to 19, 2012. The data was weighted by age and education to reflect the total population of women ages 25 to 75 with household income of at least $45,000. General population and minority women were weighted separately. If this study were a random survey of 750 women, it would have a margin of error (at the 95 percent confidence level) of plus or minus 3.7 percentage points.


To view the results of the entire study, click here.


Go to Target Market News homepage


RECENT STORIES
Chicago Defender appoints Ronald Childs to Executive Editor post

The Gospel Music Channel re-brands itself with new name, UP

Commentator Armstrong Williams acquires TV stations in Michigan and S. Carolina

Bounce TV announces new advertisers and new posts of EVP, SVP for sales

J.C. Watts' 24-hour black news channel forms partnership with Florida A&M University

Polk adds enhancements to its African American, Hispanic data and insights

Target Market News publisher an honoree for Univ. of Chicago Black Alumni Awards

Black Cable TV Ratings for Week February 11 - 17 NBA All-Star weekend gives TNT easy victory as most watched cable network

Black TV Ratings for Week of Feb. 11 - 17 ABC's 'Scandal' takes No.1 for the week in black households and all key demos

Rashada Whitehead named CEO of Flowers Communications Group

Chair of The Coca-Cola Foundation, Ingrid Saunders Jones, to retire after 30 years

Faith-focused Alright TV being launched by Bob Johnson and Tracey Edmonds

Fox forms alliance with HBCUs to create opportunities for new black talent

Former Moet Hennessy exec Noel Hankin joins Diversity Affluence as Partner

Los Angeles Dodgers name Walton Isaacson advertising/marketing agency of record

Colgate-Palmolive acknowledges Black History Month with Children's Health Fund effort

Clinkscales' Shadow League names Yussuf Khan VP of national ad sales

Comcast creates Web entertainment channel for Xfinity Black History Month offerings

Former Rep. Cardiss Collins, who championed advertising, media issues, dies at 81

AT&T 28 Days returns for a fifth year to celebrate Black History Month

Rainbow PUSH Coalition releases results of auto industry diversity scorecard

Click here for more recent news stories and our news archive

 





























































































































































 




 






 

TARGET MARKET NEWS
228 S. Wabash Ave.
Chicago, Il 60604
312-408-1881
Copyright (c) 2013 All rights reserved

info@targetmarketnews.com                                                                                                                                                                                                                          Supplier Services