In the waning days of Black History Month, industry research shows just how far Black Americans have come with regard to pursuing financial security and leveraging their benefits to achieve that goal. But upon closer examination, it appears that more work needs to be done to safeguard their income in the face of rising optimism.
Black households last year expressed slightly more confidence that they would enjoy a financially secure future than they did in 2022, according to LIMRA data from the 2024 Financial Wellness Index. They also were more apt to believe over that two-year period that professional advice was necessary for good financial wellness, that they have the appropriate amount of life insurance and are comfortable with their knowledge of personal finances. In addition, they had higher rates of life insurance ownership than the general population in recent years.
