“Covid Has Black Americans Thinking More About Financial Planning,” by Jacqueline Sergeant, Financial Advisor

Quote:

“Nearly three-quarters (74%) of Black consumers indicated that they are planning to make permanent changes to the way they spend and save. Seventy-five percent also are thinking and planning for their financial future differently. … Black consumers also are more likely to think now is a good time to purchase a financial product that protects their investments against market downturns (28%) and offers protected lifetime income (31%). They also are interested in purchasing a long-term care insurance policy (26%), increasing coverage on an existing life insurance policy (26%) and purchasing a new life insurance policy (24%).”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

More interest in private financial products and less dependency on government promises is a positive development for every demographic group.